The global financial safety net: Evolution of the anti-crisis function in the global financial architecture

2021 ◽  
pp. 26-42
Author(s):  
E. Y. Vinokurov ◽  
A. S. Levenkov
Keyword(s):  
International Development ◽  
Safety Net ◽  
Macroeconomic Stabilization ◽  
Multilateral Development Banks ◽  
Financial Architecture ◽  
The Past ◽  
Crisis Support ◽  
Development Banks ◽  
Financial Safety Net ◽  
Individual Donor

In the global financial architecture, the functions of anti-crisis support and macroeconomic stabilization are performed by the institutions of the global financial safety net (GFSN). The volume of available financing within the framework of GFNS has grown 10 times over the past decade and reached the equivalent of 4% of world GDP. The literature’s standard understanding of a system of national reserves, swap agreements, regional financial mechanisms, and the IMF requires enlargement. The article proposes the concept of an enlarged global financial safety net, namely by including two new elements — multilateral development banks and bilateral financial support. The manifestations of this phenomenon in many regions of the world are shown in the activities of the largest international development banks and at the level of macroeconomic stabilization financing by individual donor countries, including during the current COVID crisis.

Holding Multilateral Development Banks to Account: Gateways and Barriers

2008 ◽  
Vol 10 (2) ◽  
pp. 199-226 ◽  
Author(s):  
Suresh Nanwani
Keyword(s):  
International Development ◽  
World Bank ◽  
Asian Development Bank ◽  
Development Bank ◽  
International Organisations ◽  
Multilateral Development Banks ◽  
International Bank ◽  
The World Bank ◽  
The World ◽  
Development Banks

AbstractThis article offers an examination of the development and operation of accountability mechanisms in multilateral development banks. These mechanisms are gateways for citizens, as non-state actors, to file their grievances in projects that adversely affect them against these international organisations at the international level. The study focuses on the accountability mechanisms established at the World Bank (International Bank for Reconstruction and Development and International Development Association) and the Asian Development Bank, and other initiatives and avenues provided by these institutions addressing accountability issues. The article offers an analysis of barriers encountered by claimants in accessing these mechanisms based on insights generated by way of claims filed and participation in accountability procedures. It suggests ways in which civil society's demands for accountability in multilateral development banks and other financial institutions can move forward.

scholarly journals The Work of Waiting: Love and Money in Korean Chinese Transnational Migration

2015 ◽  
Vol 30 (3) ◽  
pp. 477-500 ◽  
Author(s):  
June Hee Kwon
Keyword(s):  
South Korea ◽  
Labor Migration ◽  
Family Members ◽  
Transnational Migration ◽  
Safety Net ◽  
The Past ◽  
Binding Force ◽  
Spousal Relationships ◽  
Korean Chinese ◽  
Financial Safety Net

During the past two decades, Yanbian, the Korean Chinese Autonomous Prefecture on the border with North Korea, has been dominated by the so-called Korean Wind, a massive Korean Chinese transnational labor migration to South Korea. Korean Chinese have undertaken this migration as a response to the onset of privatization in China. In so doing, they have built an economy and culture based on remittances sent back by family members working in South Korea. The ethnographic focus in this essay is on those who are waiting for remittances or the return of their loved ones, processes that are conditioned by visa constraints and economic needs. I argue that waiting, for love or money, is unwaged affective work that generates not only a financial safety net but also a binding force between the separated parties. I also argue that waiting as an act of love is eventually transformed into a form of labor that requires managing flows of money, and thereby remakes the expectations and realities of spousal relationships. My ethnography of waiting, which describes betrayals as well as appreciative partners, elaborates on the experiences of those who do not actually migrate but who nonetheless function as key agents sustaining one pole of migration. The work of waiting enables mobility and provides a foundation to migratory circulations.

scholarly journals Multilateral Development Banks: Counter-cyclical Mandate and Financial Constraints

2020 ◽  
Vol 42 (3) ◽  
pp. 597-619
Author(s):  
Andrea Molinari ◽  
Leticia Patrucchi
Keyword(s):  
International Development ◽  
Financial Constraints ◽  
Developed Countries ◽  
Resource Dependency ◽  
Capital Adequacy ◽  
Development Bank ◽  
Least Developed Countries ◽  
Multilateral Development Banks ◽  
African Development Bank ◽  
Development Banks

Abstract Given their attractiveness as a source of financing for the least developed countries, multilateral development banks (MDBs) have grown in quantity and size supported by their sources of financing. We believe that this ‘resource dependency’ has not been sufficiently questioned in the literature, especially regarding the credit exposure these organizations have with their largest borrowing members. This article characterizes and identifies the differential effects of the three sources that make up the dependence on resources in the MDBs: capital contributions, leverage in the markets and their credit function. We analysed these sources particularly at the International Development Bank (IBRD), the Inter-American Development Bank (IDB) and the African Development Bank (AfDB) and in two recent events: the risk exchange implemented by the referred MDBs in 2015 and the effect of the Argentina’s selective default on the IDB’s capital adequacy (2014). We find an increasing relevance of leverage and the size of loans, which models a dependence on resources that weakens the development mandate of these organizations.

Collaboration Between Regional Financing Arrangements and the IMF

Policy Papers ◽  
2017 ◽  
Vol 2017 (47) ◽  
Author(s):  
Keyword(s):  
Layered Structure ◽  
Capacity Development ◽  
Safety Net ◽  
Risk Pooling ◽  
Country Ownership ◽  
The Past ◽  
High Level ◽  
Operational Guidance ◽  
Financial Safety Net ◽  
The Imf

The Global Financial Safety Net (GFSN) has expanded considerably since 2008, including in the non-traditional elements of the safety net such as Regional Financing Arrangements (RFAs). The resulting multi-layered structure of the GFSN makes collaboration between its various elements more important than in the past. Specifically, stronger collaboration between the Fund and RFAs would help increase the effective firepower of the GFSN and ensure a timely deployment of resources. The Fund’s experience in macroeconomic adjustment and its universal risk pooling would combine with the greater regional knowledge and country ownership brought the RFA. In this way, improved collaboration between the Fund and RFAs, including in co-financing, would significantly reduce the risk of contagion by encouraging countries to seek early assistance from the Fund. This paper is part of a broader set of proposals to fortify the GFSN (IMF, 2017b, c, d). It proposes both modalities for collaboration—across capacity development, surveillance, and lending—and some operational principles to help guide future co-lending between the Fund and the various RFAs. To date, the only operational guidance to facilitate collaboration has been limited to the high-level 2011 G20 Principles for Cooperation between the IMF and RFAs. Building on several case studies and the principles derived from them, this paper proposes an operational framework for future engagement. It aims to start a more structured dialogue between the Fund and individual RFAs on the modalities of how best to work together.

scholarly journals The challenges of donor engagement with faith-based organizations in Cameroon’s health sector: a qualitative study

2021 ◽  
Author(s):  
Sibylle Herzig van Wees ◽  
Michael Jennings
Keyword(s):  
Qualitative Study ◽  
Health Outcomes ◽  
International Development ◽  
Health Sector ◽  
Top Down ◽  
Faith Based ◽  
The Past ◽  
Faith Based Organizations ◽  
The Government ◽  
Depth Interviews

Abstract Substantial global advocacy efforts have been made over the past decade to encourage partnerships and funding of faith-based organizations in international development programmes in efforts to improve social and health outcomes. Whilst there is a wealth of knowledge on religion and development, including its controversies, less attention has been payed to the role that donors might play. The aim of this study was to describe and analyse the engagement between donors and faith-based organizations in Cameroon’s health sector, following the implementation of the Cameroon Health Sector Partnership Strategy (2012). Forty-six in-depth interviews were conducted in selected regions in Cameroon. The findings show that global advocacy efforts to increase partnerships with faith-based organizations have created a space for increasing donor engagement of faith-based organizations following the implementation of the strategy. However, the policy was perceived as top down as it did not take into account some of the existing challenges. The policy arguably accentuated some of the existing tensions between the government and faith-based organizations, fed faith-controversies and complicated the health system landscape. Moreover, it provided donors with a framework for haphazard engagement with faith-based organizations. As such, putting the implications of donor engagement with FBOs on the research map acknowledges the limitations of efforts to collaborate with faith-based organizations and brings to the surface still-remaining blinkers and limited assumptions in donor definitions of faith-based organizations and in ways of collaborating with them.

Sign in / Sign up

Export Citation Format

Share Document