International Finance and Development

* Table of 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