CiNii Books - International finance and development

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.

Table of Contents

Overview International Private Capital Flows Official Development Financing External Debt Systemic Issues Part I International Private Capital Flows Main Features of Private Flows to Developing Countries Foreign Direct Investment Trends and composition of foreign direct investment How stable is FDI? Particular benefits of FDI Financial Flows Bank credit Portfolio flows Impact of derivatives Measures to Counter Pro-cyclicality of Private Capital Flows Counter-cyclical financing instruments Prudential capital account regulations Counter-cyclical prudential regulation Basel II and developing countries A Greater Challenge: Encouraging Private Flows to Lower-Income Developing Countries Part II Official Development Financing Official Development Assistance The origins and weakening of the commitment to ODA The resurgence of ODA ODA and the Millennium Development Goals Volatility and conditionality of aid flows Selectivity of aid flows Aid effectiveness Donor efforts to increase aid effectiveness The Multilateral Development Banks The role of multilateral development banks Structure and trends The debate around the multilateral development banks The way forward South-South Cooperation Innovative Sources of Financing Major mechanisms in the short run Major mechanisms in the longer run Part III External debt Debt and development The post-war approach to lending to developing countries Rapid external borrowing and debt rescheduling in the 1960s and 1970s Debt resolution in the 1980s Debt relief The Heavily Indebted Poor Countries (HIPC) Initiative The Multilateral Debt Relief Initiative New measures for official debt relief for middle-income countries (Evian approach) Debt sustainability Debt sustainability analysis for low-income countries An assessment of debt sustainability analyses Debt resolution and debt relief involving private creditors New approaches and initiatives Part IV Systemic issues Global macroeconomic imbalances and the international reserve system Changes in the structure of global financial markets Risk implications of changes in global financial markets Implications for prudential regulation and supervision Crisis prevention and resolution Domestic macroeconomic policies Surveillance of national macroeconomic policies The role of emergency financing and precautionary financial arrangements Strengthening IMF financing of poor countries Conditionality of IMF lending The role of SDRs in the international financial system The role of regional financial arrangements Enhancing the voice and participation of developing countries in international financial decision-making Bibliography Index

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International finance and development

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