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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.
Jose Antonio Ocampo is Under-Secretary General for the Department for Economic and Social Affairs (DESA). Jan Kregel was Chief of the Policy Analysis and Development Branch of the Financing for Development Office in DESA, United Nations, until August 2006. Stephany Griffith-Jones is Professorial Fellow at the Institute of Development Studies at the University of Sussex, and was a visitor to DESA in 2005.
OverviewInternational Private Capital FlowsOfficial Development FinancingExternal DebtSystemic IssuesPart IInternational Private Capital FlowsMain Features of Private Flows to Developing CountriesForeign Direct InvestmentTrends and composition of foreign direct investmentHow stable is FDI?Particular benefits of FDIFinancial FlowsBank creditPortfolio flowsImpact of derivativesMeasures to Counter Pro-cyclicality of Private Capital FlowsCounter-cyclical financing instrumentsPrudential capital account regulationsCounter-cyclical prudential regulationBasel II and developing countriesA Greater Challenge: Encouraging Private Flows to Lower-Income Developing CountriesPart IIOfficial Development FinancingOfficial Development AssistanceThe origins and weakening of the commitment to ODAThe resurgence of ODAODA and the Millennium Development GoalsVolatility and conditionality of aid flowsSelectivity of aid flowsAid effectivenessDonor efforts to increase aid effectivenessThe Multilateral Development BanksThe role of multilateral development banksStructure and trendsThe debate around the multilateral development banksThe way forwardSouth-South CooperationInnovative Sources of FinancingMajor mechanisms in the short runMajor mechanisms in the longer runPart IIIExternal debtDebt and developmentThe post-war approach to lending to developing countriesRapid external borrowing and debt rescheduling in the 1960s and 1970sDebt resolution in the 1980sDebt reliefThe Heavily Indebted Poor Countries (HIPC) InitiativeThe Multilateral Debt Relief InitiativeNew measures for official debt relief for middle-income countries (Evian approach)Debt sustainabilityDebt sustainability analysis for low-income countriesAn assessment of debt sustainability analysesDebt resolution and debt relief involving private creditorsNew approaches and initiativesPart IVSystemic issuesGlobal macroeconomic imbalances and the international reserve systemChanges in the structure of global financial marketsRisk implications of changes in global financial marketsImplications for prudential regulation and supervisionCrisis prevention and resolutionDomestic macroeconomic policiesSurveillance of national macroeconomic policiesThe role of emergency financing and precautionary financial arrangementsStrengthening IMF financing of poor countriesConditionality of IMF lendingThe role of SDRs in the international financial systemThe role of regional financial arrangementsEnhancing the voice and participation of developing countries in international financial decision-makingBibliographyIndex
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