Southern-Led Development Finance: Solutions from the Global South

Introductory Issues and Roadmap to Southern-Led Development FinanceRationale - why we need regional integration and development banksThe "special offer" of banks from the southGoing in a different directionAfrica and new optionsScaling up - new challenges, experimental responsesBenefits of being borrower-ledEvolving processesWhat else is needed - more than just moneyThe historical multilateral lenders - what role remains? Firepower, leadership and governance issuesReferencesSouthern-Led Development Finance – Rationale, Innovations and ImplicationsSolidarity and The South: The New Landscape of Long-Term Development Finance and How to Support ItIntroductionCharting a new, Southern-led landscapea. National initiatives are looking outwardsb. Southern-led multinational or multilateral initiativesc. Creating a new center of gravityDoing things differently?a. Mandate, ownership and governanceb. Forming partnerships; links with the private sectorc. Loan portfolios: are Southern-led institutions more willing to support productive economic activities and green investments?d. Macroeconomic coherenceSome things are not differenta. Concerns about regional imbalancesb. The continued power of CRAsc. What future for concessional lending?How to support this new opportunity for developmentAcknowledgementsNotesReferencesThe New Development Banks and the Financing of Transformation in Latin America and the CaribbeanIntroductionDevelopment banking, growth and transformationa. Beyond the "prior-savings approach"b. Development banks, financial conditions, and functionalityc. Evolving views on the role of development banksInfrastructure and transformationDevelopment banking in Latin Americaa. Latin America: development banking under ideological pressureb. Brazil's BNDESNew multilateral banks in the blockFindings and conclusionsNotesReferencesLong-Term Finance – Banks, Funds and Other Sources of Private and Public InvestmentThe ‘New’ in the New Development Bank and Implications for AfricaIntroductionAfrica's infrastructure deficit and MDB responseAlternative infrastructure financing sourcesa. Private fundingb. ODAc. Chinad. Local development finance institutionse. MDBs' important roleNew Development Banka. Origins of the NDBb. Structure, capital and membershipThe first seven NDB projectsNDB impact on infrastructure financinga. How does the NDB differ from existing financial sources?b. Expanding the NDB - which African countries could join?ConclusionNotesThe Neoliberal Transformation of Development Banking: The Indian ExperienceWhy development banks?The creation of a development banking infrastructure in IndiaChanging directionThe limited role of the bond marketThe search for other sources of long-term investment finance'Flexibility', fragility and riskNotesReferencesChinese Development Finance in the AmericasThe need for development finance in Latin AmericaChina's development finance institutions in contexta. China's policy banks go globalb. China-backed development fundsc. New multilateralsd. China and the MDBsChinese development finance in Latin Americaa. Flows of Chinese development finance to LACb. Determinants of Chinese development finance to LACc. Commodity-backed financed. Market analysise. Social and environmental policiesLooking forward: seizing opportunity, rising to challengeReferencesScaling Up Finance For the Sustainable Development Goals: Experimenting with South–South Models of Multilateral Development BankingIntroductionThe Addis Ababa Action Agenda, institutional investors and development banksa. MDBs: bridging the infrastructure gap?Alternative models towards bridging the financing gapGearing ratios of MDBs and NDBsScaling up: the role of AIIB special fundsa. China-backed investment fundsSummary and conclusionsNotesReferencesA Connected and Sustainable Future – Comparing Lessons From Southern-Led Regional Banks and Networks, CAF and the Islamic Development Bank ComparedIntroductionBank origins and governancea. CAFb. IsDBFinancing infrastructurea. Paid-in capitalb. Credit ratings of member countriesBank lending for infrastructureInfrastructure: risk managementFuture prospects and lessons for new MDBsNotesReferencesTowards a Regional Financial Architecture: The East Asian ExperienceIntroductionThe state of traditional international financial architectureThe Asian Financial Crisis and the emergence of RFAAsian initiatives in RFA- defensive and developmentalDevelopmental pillar of RFAAsian bond market initiativesPerformance of bond marketsCritical assessment of bond market7Liquidity-stability trade-offRegional development bankNew business modelConclusionNotesReferencesRegional Transformation and Growth in Practice – It’s More than MoneyIndustrial Structure, Intra-Regional Trade and Financial Cooperation in South America: Challenges, Links and Hidden OpportunitiesIntroductionGrowing challenges: South America and the global economyHeterogeneity and regression: industrial production and structureWeak and decreasing extra- and intraregional tradeMissing links: financial integration in South Americaa. Short- and long-term financing, and sharing of portfolio wealthb. FDI flows and stocksHidden opportunities: infrastructure investment and physical integrationReferencesPhysical Integration in Latin America, a Review of Recent Experiences and Policy LessonsIntroductionPhysical integration: some key issues that are relevant for analyzing the Latin American casea. Relevant features of Latin American integration and trade strategiesb. Improving connectivity: the challenge of infrastructure developmentc. Analytical matrix for reviewing Latin American experiences of physical integrationSouth America: IIRSA-UNASUR (COSIPLAN), a new integration initiativea. Main featuresb. Planning, finance and institutional arrangements at regional levelRegional planning and project identificationFinance, project execution and the role of regional banksInstitutional arrangementsMERCOSUR's structural convergence fund (FOCEM)56a. Main featuresb. Planning, finance and institutional arrangements at regional levelRegional planning and project identificationFinance, project execution and the role of regional banksInstitutional arrangementsMesoamerican integration and development project (MIDP)66a. Main featuresb. Planning, finance and institutional arrangements at regional levelRegional planning and project identificationFinance, project execution and the role of regional banksInstitutional arrangementsConcluding remarksNotesReferences
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