International Finance and Development

Overview

International Finance and Development offers a comprehensive survey of the major financing issues influencing economic development since the historic Monterrey Consensus of the International Conference on Financing for Development in 2002. As most recent international private capital flows have been unlikely to significantly enhance new productive investments in the developing countries, it is necessary to design appropriate mechanisms to ensure they contribute to development. However, recent trends in official ...
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Overview

International Finance and Development offers a comprehensive survey of the major financing issues influencing economic development since the historic Monterrey Consensus of the International Conference on Financing for Development in 2002. As most recent international private capital flows have been unlikely to significantly enhance new productive investments in the developing countries, it is necessary to design appropriate mechanisms to ensure they contribute to development. However, recent trends in official development financing offer some grounds for optimism, although much more needs to be done. External debt problems of many developing countries, especially the least developed countries, seem likely to continue to constrain their prospects for development. The final part on systemic issues highlights new concerns and the modest progress in ensuring that the international monetary and financial system better serves economic growth and development throughout the world, especially in the developing countries.
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Product Details

  • ISBN-13: 9781842778623
  • Publisher: Zed Books
  • Publication date: 5/28/2007
  • Pages: 224
  • Product dimensions: 6.26 (w) x 9.60 (h) x 0.48 (d)

Meet the Author

José Antonio Ocampo is the UN Under-Secretary General for Economic and Social Affairs. Jan Kregel was Chief of the Policy Analysis and Development Branch of the Financing For Development Office in the Department of Economic and Social Affairs (DESA) in the United Nations Secretariat. Stephany Griffith-Jones is Professorial Fellow at the Institute of Development Studies at the University of Sussex, and worked at DESA in 2005.

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Table of Contents

Overview     1
International Private Capital Flows     2
Official Development Financing     6
External Debt     10
Systemic Issues     12
International Private Capital Flows     17
Main Features of Private Flows to Developing Countries     18
Foreign Direct Investment     26
Trends and composition of foreign direct investment     26
How stable is FDI?     28
Particular benefits of FDI     30
Financial Flows     34
Bank credit     34
Portfolio flows     38
Impact of derivatives     41
Measures to Counter Pro-cyclicality of Private Capital Flows     45
Counter-cyclical financing instruments     45
Prudential capital account regulations     48
Counter-cyclical prudential regulation     52
Basel II and developing countries     55
A Greater Challenge: Encouraging Private Flows to Lower-Income Developing Countries     59
Official Development Financing     65
Official Development Assistance     65
The origins and weakening of the commitment to ODA     65
The resurgence of ODA     67
ODA and the MillenniumDevelopment Goals     68
Volatility and conditionality of aid flows     71
Selectivity of aid flows     74
Aid effectiveness     77
Donor efforts to increase aid effectiveness     79
The Multilateral Development Banks     81
The role of multilateral development banks     83
Structure and trends     87
The debate around the multilateral development banks     93
The way forward     96
South-South Cooperation     97
Innovative Sources of Financing     99
Major mechanisms in the short run     101
Major mechanisms in the longer run     103
External Debt     107
Debt and development     107
The post-war approach to lending to developing countries     107
Rapid external borrowing and debt rescheduling in the 1960s and 1970s     108
Debt resolution in the 1980s     110
Debt relief     112
The Heavily Indebted Poor Countries (HIPC) Initiative     112
The Multilateral Debt Relief Initiative     117
New measures for official debt relief for middle-income countries (Evian approach)     119
Debt sustainability     121
Debt sustainability analysis for low-income countries     121
An assessment of debt sustainability analyses     124
Debt resolution and debt relief involving private creditors     129
New approaches and initiatives     129
Systemic Issues     139
Global macroeconomic imbalances and the international reserve system     140
Changes in the structure of global financial markets     147
Risk implications of changes in global financial markets     147
Implications for prudential regulation and supervision     151
Crisis prevention and resolution     155
Domestic macroeconomic policies     155
Surveillance of national macroeconomic policies     157
The role of emergency financing and precautionary financial arrangements     158
Strengthening IMF financing of poor countries     161
Conditionality of IMF lending     162
The role of SDRs in the international financial system     164
The role of regional financial arrangements     166
Enhancing the voice and participation of developing countries in international financial decision-making     168
Bibliography     175
Index     197
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