The Future of National Development Banks
- Provides an academic analysis of a novel topic that has been largely overlooked by current literature.
- Takes a global perspective on development banks and analyses issues of worldwide interest.
- Uses a strong focus on policy analysis to inform national policy and international organization as well as academia.
- Uniquely emphasizes Latin American development banks, and includes five detailed chapters on the subject.
For a long time the topic of national development banks was limited to a debate between admirers and detractors of these institutions, often inserted into a more general debate of state versus markets. Since the 2007/8 North Atlantic financial crisis however, interest and support for these institutions has broadly increased in both developing and developed countries. Key issues such as understanding how development banks work, what their main aims are, and what their links with the private financial and corporate sector are have come to the forefront, and there is an increased interest in what instruments, incentives, and governance work better in general and in particular contexts.
The Future of National Development Banks provides an in-depth study of several key examples of these institutions based in Brazil, Chile, China, Colombia, Germany, Mexico, and Peru. It explores horizontal issues such as their role in innovation and structural change, sustainable infrastructure financing, financial inclusion, and regulatory rules. It provides both research and policy-oriented perspectives on how these banks can make a significant contribution to a countries' development, and analyses their roles within broader economic policy, their governance, and the main instruments they use to perform their function.
The Future of National Development Banks has important policy implications for countries that have these institutions and can improve them, and countries that do not have them yet and can learn from best practice.
About the Editors
Financial Markets Program Director
Initiative for Policy Dialogue (IPD)
Stephany Griffith-Jones is an economist specialising in international finance and development, with emphasis on reform of the international and national financial system, especially in relation to financial regulation and global governance. She is Financial Markets Director at the Initiative for Policy Dialogue, Columbia University. Previously she was Professorial Fellow at the Institute of Development Studies at Sussex University. She was Director of International Finance at the Commonwealth Secretariat and worked at UN DESA and ECLAC. She was senior consultant to governments in Eastern Europe, Latin America and Africa and many international agencies, including the World Bank, the IADB, the European Commission, UNDP and UNCTAD. She was a member of the Warwick Commission on financial regulation. She currently is theme leader on finance in the ESRC /DFID growth programme for LICs, especially African ones. She has published over 20 books and many scholarly and journalistic articles. Her books include Time for the Visible Hand, Lessons from the 2008 crisis, edited jointly with José Antonio Ocampo and Joseph Stiglitz.
José Antonio Ocampo
Initiative for Policy Dialogue (IPD)
Jose Antonio Ocampo is Co-President of IPD, Professor of Professional Practice in the School of International and Public Affairs, and Fellow of the Committee on Global Thought at Columbia University. Prior to his appointment at Columbia, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit, Director of the National Planning Department, and Minister of Agriculture . Professor Ocampo is author or editor of over 30 books and has published over 200 scholarly articles on macroeconomic theory and policy, international financial issues, economic development, international trade, and Colombian and Latin American economic history.
About the Authors
Paola Arias Gomez
SIPA, Columbia University
Lavinia Barros de Castro
Pontificia Universidad Catolica del Peru
Maria Luz Martinez Sola
RM Philips Professor
Science and Technology Policy
University of Sussex
Juan Carlos Moreno-Brid
Caetano Christophe Rosado Penna
Esteban Perez Caldentey
Hobart and William Smith College
Universidad Nacional Cordoba
Alternate Executive Director
World Bank Group
Rogerio Studart currently serves as Alternate Executive Director to the World Bank Group, representing Brazil, Colombia, the Dominican Republic, Ecuador, Haiti, Panama, the Philippines, Suriname and Trinidad & Tobago in the World Bank Group’s Board.
He is a member of the Committee on Development Effectiveness Sub Committee, chairman of the G-24 (since October 2009), and represents Brazil at the IDA-16 Replenishment meetings.
Prior to his current appointment, Mr. Studart served as the executive director of the same country constituency. As executive director, Mr. Studart was a member of the Budget and the Personnel Committees and Chairman of the Ad-Hoc Committee on Rules for the 2008 Regular Election of Bank and MIGA Executive Directors. He also served as vice-chairman of the G-24 from March 2008 to October 2009.
Mr. Studart participated in various meetings of the UN General Assembly on trade and financing for development and represented Brazil at the meetings leading to the IDA-15 Replenishment as well as at the G-20 Working Group IV.
Prior to his appointment as executive director at the World Bank Group, Mr. Studart served also as executive director for Brazil and Suriname at the Inter-American Development Bank and the Inter-American Investment Corporation. From 2003 to 2004 he worked as financial markets specialist at the Inter-American Development Bank.
Earlier in his career, Mr. Studart held positions with UNECLAC, UNCTAD, the Brazilian Institute of Statistics and Geography (IBGE) and Chase Manhattan Bank in Brazil.
He is an economist by training and holds a Ph.D. from the University of London. He has published books and articles on macroeconomics, finance and development finance. He also holds a professorship with the Institute of Economics at the Universidade Federal do Rio de Janeiro.
Director of Economic Development
|Publisher||Oxford University Press|
'Once considered a key vehicle for national advancement, development banks have come to be regarded as relics of a bygone age. This volume, however, reveals that these banks have in fact played highly positive roles in many countries. Moreover, it shows their best days may be ahead of them, as the need for large-scale, long-term finance grows with the challenges of climate change and techno-paradigm shift. Weaving together focused thematic analyses and rich, well-contextualized case studies, this excellent book presents a rigorous, balanced, and pragmatic discussion of one of the most important tools of economic development. Highly recommended.'
- Ha-Joon Chang, Reader in the Political Economy of Development, University of Cambridge, UK, and author of Kicking Away the Ladder and 23 Things They Don't Tell You About Capitalism
'This book is an excellent historical analysis of the positive role of national development banks worldwide. A clear incentive for these institutions to expand their products and services in line with the challenges of this new era, it is essential reading for researchers as well as national and international policy-makers dealing with economic development, and especially with development finance.'
- L. Enrique García, Former President of the Development Bank of Latin America (CAF)
'This book is an outstanding and pioneering contribution to knowledge on national development banks' valuable roles to help achieve countries' economic, social and environmental aims. The in-depth analysis of their activities, especially in major Latin American countries, shows their positive support for private and public investment, and for the development of the financial sector. This book clarifies, thanks to its comprehensive analysis, the positive impact of these development banks, which are increasingly important but not sufficiently known and valued. This book is a must read for all concerned with the role of the financial sector in development.'
- Enrique Iglesias, Former President of the Inter-American Development Bank
'The reputation of national development banks (NDBs) has waxed and waned as policy fashions have evolved over the years. The case studies included in this book demonstrate that NDBs continue to have an important function. They offer valuable lessons on how to enhance the contributions of NDBs to development and the conditions that are most conducive to their success.'
- Dani Rodrik, Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government, Harvard University