International Finance and Development

Jose Antonio Ocampo, Jan Kregel, and Stephany Griffith-Jones

International Finance and Development

Jose Antonio Ocampo, Jan Kregel, and Stephany Griffith-Jones

Distributed for Zed Books

224 pages | 5.4375 x 8.5
Paper $36.95 ISBN: 9781842778623 Published April 2007 For sale in North and South America only
Contents
Overview
International Private Capital Flows
Official Development Financing
External Debt
Systemic Issues

Chapter 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

Chapter 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

Chapter 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

Chapter 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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