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Towards a More Coherent, Integrated View of Financing Sustainable Development 1| Supporting more holistic national policy making in the Financing of Development 2| Financing for Development and the SDGs: An analysis of financial flows, systemic issues and interlinkages


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Assesses the current state of national and international planning for sustainable economic, social and environmental development, including new analytical tools for better national planning and recommends further developing and expanding use of specific approaches. Paper prepared for GIZ, which supports the work of the German Ministry of Development (BMZ).
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Most well-trained economists would agree that the standard policy reforms included in the 'Washington Consensus' have the potential to be growthpromoting. What the experience of the last fifteen years has shown, however, is that the impact of these reforms is heavily dependent on circumstances. This chapter argues that this calls for an approach to reform that is much more contingent on the economic environment. It is possible to develop a unified framework for analyzing and formulating 'growth strategies' which is both operational and based on solid economic reasoning. The key step is to develop a better understanding of how the nature of the binding constraints on economic activity differs from setting to setting. This understanding can then be used to derive policy priorities accordingly, in a way that would use the scarce political capital of reformers efficiently. The methodology that it proposed here can be conceptualized as a decision tree. The first questions concern what keeps the level of domestic investment and entrepreneurship low. At each node of the decision tree, the kind of evidence that would help answer the question one way or another is discussed. The chapter draws on the experience of three specific countries: El Salvador, Brazil, and Dominican Republic. Aside from providing a useful manual for policy makers, this approach has the advantage that it is broad enough to embed all existing development strategies as special cases. It can therefore unify the literature and help settle prevailing controversies.
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This article builds a theory of financial system architecture. We ask: what is a financial market, what is a bank, and what determines the economic role of each? Starting with basic assumptions about primitives—the types of agents and the nature of informational asymmetries—we provide a theory that explains which agents coalesce to form banks and which trade in the capital market. It is shown that borrowers of higher observable qualities access the financial market. Moreover, a financial system in its infancy will be bank-dominated, and increased financial market sophistication diminishes bank lending.
This article examines the implications for social inclusion, equality and the fulfillment of human rights of the recent proliferation of preferential trade agreements (PTAs). It considers the impact that PTAs have had on small and medium-sized enterprises, smallholder farmers and women. It also considers the limits on domestic policy space mandated by PTAs, and the implications this has for the ability of governments' to regulate in the public interest.
This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms.
How did the rich countries really become rich? In this provocative new study, Ha-Joon Chang examines the great pressure on developing countries from the developed world to adopt certain "good policies" and "good institutions", seen today as necessary for economic development. Adopting an historical approach, Chang finds that the economic evolution of now-developed countries differed dramatically from the procedures that they now recommend to poorer nations. His conclusions are compelling and disturbing: that developed countries are attempting to "kick away the ladder" by which they have climbed to the top, thereby preventing developing counties from adopting policies and institutions that they themselves used.
John Oliver and a Talking Seagull Explain America's Broken Flood Insurance Program
  • Laura Bradley
Bradley, Laura (2017). "John Oliver and a Talking Seagull Explain America's Broken Flood Insurance Program." Vanity Fair online. (
The Financing and Growth of Firms in China and India. Evidence from Capital Markets
  • Carlos Xi José De Luna-Martínez
  • Vicente
xi José de Luna-Martínez and Carlos Vicente, "Global Survey of Development Banks," Policy Research Working Paper (World Bank, 2012), 5969.pdf. xii de Luna-Martínez and Vicente, 2. xiii María José Romero, "Public Development Banks: Towards a Better Model," April 2017, 6, xiv Kevin Gallagher and William Kring, "Remapping Global Economic Governance: Rising Powers and Global Development Finance," 2017, xv World Bank Group, "Global Financial Development Report 2015/2016 : LongTerm Finance," 2015, 6. xvi xvii World Bank Group, "Global Financial Development Report 2015/2016 : LongTerm Finance," 6. xviii de Luna-Martínez and Vicente, "Global Survey of Development Banks," 2. xix Heiko Hesse and Martin Čihák, "Cooperative Banks and Financial Stability," IMF Working Paper, no. WP/07/2 (2007): 3. xx Tatiana Didier and Sergio Schmukler, "The Financing and Growth of Firms in China and India. Evidence from Capital Markets" (Washington DC: World Bank Development Research Group, 2013), 41,