Adrian Robert Bazbauers and Susan Engel: The Global Architecture of Multilateral Development Banks: A System of Debt or Development?

This book explores the evolution of the 30 functioning multilateral development banks (MDBs). MDBs have their roots in the growing system of international finance and multilateral cooperation, with the first recognisable MDB being proposed by Latin America in financial cooperation with the US in the late 1930s. That Inter-American Bank did not eventuate but was a precursor to the World Bank being negotiated at Bretton Woods in 1944. Since then, a complex network of regional, sub-regional, and specialised development banks has progressively emerged across the globe, including two significant recent entrants established by China and the BRICS. MDBs arrange loans, credits, and guarantees for investment in member states, generally with the stated aim of fostering economic growth. They operate in both the Global North and South, though there are more MDBs focusing on emerging and developing states. While the World Bank and some of the larger regional banks have been scrutinised, little attention has been paid to the smaller banks or the overall system. This book provides the first study of all 30 MDBs and it evaluates their interrelationships. It analyses the emergence of the MDBs in relation to geopolitics, development paradigms and debt. It includes sections on each of the banks as well as on how MDBs have approached the key sectors of infrastructure, human development, and climate. This book will be of particular interest to researchers of development finance, global governance, and international political economy.

Research on Environmental Regulation and Green Total Factor Productivity in Yangtze River Delta: From the Perspective of Financial Development

This paper employs the global Malmquist Luenberger (GML) index and the System Generalized method of moments (GMM) estimation method to investigate the influence of both environmental regulation and financial development on green total factor productivity in 41 cities of the Yangtze River Delta (YRD) in China from 2003–2019. We select the relevant input-output data to measure the green total factor productivity (GTFP) and its decomposition index including undesirable output. The results show that the GTFP and its decomposition index in the YRD have a slow fluctuating upward trend. The YRD mainly depends on improving the level of technological progress and environmental governance to promote the improvement of regional economic green development level. The empirical research results show that there is an inverted U relationship between environmental regulation and GTFP in the YRD, too strict environmental regulation will inhibit the growth of green total factor productivity. By adding control variables, the inflection point of environmental regulation is 0.5034, which is lower than that without control variables. There is a strong interaction and superposition effect between financial development and environmental regulation, which is closely related to the established financial cooperation mechanism, perfect financial system arrangement and cross-regional financial cooperation platform in the YRD. Government intervention should be reduced, the introduction of foreign capital should be controlled appropriately, foreign capital should be guided to green industries, and the use efficiency of foreign capital should be improved. This paper holds that we should pay attention to the strength of environmental regulation, prevent overcorrection, increase the guidance of credit funds, deepen the reform of the financial system, appropriately intervene in the market by the government, strengthen the guidance of foreign capital, and promote the development and transformation of the green economy in the YRD region with the help of several policies.

The Dynamics of Indonesia – Japan Economic and Financial Relations: A Review of the 60 Years Collaboration

Perkembangan hubungan ekonomi dan keuangan antara Indonesia dan Jepang telah berkembang di berbagai bidang dalam satu dekade terakhir. Lebih dari itu, kerja sama keduanya selalu menarik untuk dipahami mengingat tidak hanya melibatkan kepentingan ekonomi semata, namun juga aspek lain seperti pertimbangan politik dan sosial. Tulisan ini akan mencoba menjelaskan kerja sama ekonomi dan keuangan antara Indonesia dan Jepang. Berfokus pada sudut pandang Indonesia, analisis dalam tulisan ini menjelaskan mengenai bantuan pembangunan luar negeri, dukungan keuangan, investasi, dan hubungan perdagangan. Studi ini menemukan bahwa meskipun secara umum kerja sama ekonomi dan keuangan antara Indonesia dan Jepang telah relatif kuat, terdapat beberapa masalah terkait dengan investasi dan perdagangan, yang perlu ditangani.Kata-kata kunci: Hubungan Indonesia-Jepang, bantuan luar negeri untuk pembangunan, kerja sama keuangan, perdagangan bilateral, investasi Economic and financial ties between Indonesia and Japan have flourished in the recent decade covering many areas of cooperation. The cooperation between the two is interesting to explore since it involves economic interests and other aspects such as politics and social dynamics. From Indonesia point of view, this study attempts to shed light on recent economic-financial cooperation between Indonesia and Japan, particularly on overseas development assistance, financial supports, investment, and trade relations. It is found that while, in general, economic and financial cooperation between Indonesia and Japan has been relatively robust, there are some issues related to investment and trade that need to be addressed. Keywords: Indonesia-Japan relations, overseas development assistance, financial cooperation, bilateral trade, investment

BRICS, G20 and global economic governance reform

The article reviews cooperation between the BRICS countries (Brazil, Russia, India, China and South Africa) and their collective efforts to promote reform of international financial institutions, shape global financial regulation and improve financial cooperation. The authors focus on the BRICS–G20 engagement for global economic governance reform. To assess the progress so far, the study employs original quantitative data on the BRICS and G20 commitments and compliance, and qualitative analysis of the BRICS and G20 discourse and the transformation of the international economic architecture. The results suggest that, contrary to the common perception of the BRICS as a challenger of the traditional western-dominated international monetary and financial system, it acts in a cooperative manner, seeking to make the international financial architecture and global regulation more representative and responsive to emerging markets and developing economies needs, and strengthen the stability and resilience of international and domestic financial markets.

Ethnobotanical Survey of Two Medicinal Plants (Heliotropium indicum L., Abrus precatorius L.,) Used in Traditional Medicine in West Africa

Since the time of our ancestors, natural products issued from plant play a therapeutic crucial role. About 25-30% of all medicines (drugs) available for the treatment of diseases are derived from natural products (from plants, animals, bacteria and fungi) or are derivatives of natural products. The aim of this research was to scientifically identify and supply tangible documentation on these two plants employed in the traditional medicine. From November 2020 to February 2021, an ethnobotanical survey was conducted within four markets at the south of Benin, employing a semistructured questionnaire. Two hundred respondents including 80% of females and 20% of males were interviewed. The 2 studied plants are mainly used for different types of sickness related to infections. Females’ herbalists are the most represented. From this research, it appears that the 2 plants are widely used for the treatment of severe infections. On the market, 95% of the leafy steam are sold against 5% of the roots for both plants. The main preparation way is decoction. Oral use is reported to be common in all region. The value of samples sold varies from 200F CFA (Financial Cooperation of Africa) to 1000F CFA. The decoctions are usually obtained through one of a mix of different types of plants. Traditional knowledge is transmitted from one generation to another by oral education. Till today there was no record found. During our study, we did no record prohibition or side effect related to these plants’ use. These medicinal plants occupy a crucial place within the therapeutic arsenal of west Africa. Our results constitute a vital tool to determine the true potentials of these plants. These results could lead to new improved traditional medicine.

Trans-Pacific Partnership: History of Gradual Development of Regional Integration in the Asia-Pacific Region

The Asia-Pacific region today represents an example of deep regional economic integration. This was largely facilitated by the creation of the TRANS-Pacific Partnership. The undisputed advantages of the Trans-Pacific Partnership are the following: opening markets to all member countries, unifying trade rules, removing obstacles to financial cooperation, creating a favorable investment climate and new guarantees to protect small and medium-sized businesses. The analysis of historical stages of creation and development of a such kind of regional association allows us to trace the evolution of economic integration processes and assess the effectiveness and attractiveness of this type of integration. The study of the specifics of the origin of such a large integration Association in Asia is of interest from the point of view of searching for new “growth points” for integration associations in the Eurasian region and in particular in the post-Soviet space.

China’s Opening-up Strategy in the Milieu of Belt and Road Initiative (BRI)

The Chinese economy is changing its development model from invest/export-led growth to consumption/growth driven by domestic demand. In the recent domestic-oriented growth phases of China's opening-up policy, what role is expected to play? Not only is this a way to acquire foreign exchange and technology, but it is also an economic powerhouse for China that strengthens its position in global governance. General Secretary Xi Jinping's proposed the "Belt and Road" initiative in 2013, which is considered an excellent strategy for China's new round of opening-up policy. This research paper aims to bring the BRI inside China's open-up policy and focuses on its increasingly important role in controlling major global economic regimes. The study also shows the importance of establishing systems of mutual aid/funding for the countries participating in BRI. The first section of the paper looks at China's reactions to major economic regimes. Section two reflects the design and the implementation of the opening-up strategy for China from the BRI perspective. Section three of the research addresses Chinese development aid/funding in the BRI and its relation to foreign regimes. The fourth part addresses the BRI's trade relationship with the participating countries, using the gravity model from a global commercial perspective. The study concluded that cross-border financial cooperation between government and business participants is vital for the development of a successful investment and funding system for the BRI. It reiterated the importance of using foreign and regional financial centers to develop a regional structure within the BRI's investment and financing system.

Prospects of Russian-Sino Financial Cooperation in the Banking Sector

The development of business cooperation between Russia and China in the financial sector is a multifactorial process, in which the banking sector plays an essential role. The article in hand describes the current state of Sino–Russian cooperation in the banking sector, points out the main issues and puts forward some suggestions for improving the working partnership between the two countries in this area with the aim of facilitating mutual trade, attracting investment, and developing the entire range of financial services.