Protecting Developing Country Growth from Global Shocks
Policy Brief #7
Building on the V-FLEX set up in 2009 to help mitigate the effects of global food and financial crises on African, Caribbean and pacific (ACP) countries’, the EU ‘will work to set up a new shock-absorbing scheme focusing on broader exogenous shocks with a cross-country dimension’. In this policy brief, the authors argue the EU should be ambitious, building on the effective V-FLEX scheme, and reform its shock facilities to include resilience and resilience building.
About the Authors
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.
Dirk Te Velde
Head of Investment and Growth Programme
Overseas Development Institute