Development Finance in the Global Economy

The Road Ahead

For much of the last 30 years the global economy has had a limited impact on poverty alleviation. But there are now grounds for optimism. Presently, global liquidity is ample, pushing investors into parts of the world they previously avoided, and private investment is rising. A new and more positive chapter has begun in Africa's debt story and aid flows have started to rise again after years of stagnation. Yet progress remains tentative, global liquidity and private investment could contract and the recent growth in aid is not enough. Very poor countries still receive too little private capital. This book explores how international finance can serve the needs of poor countries and poor people, including chapters on multilateral development assistance, multiactor global funds, and the transition from ODA to private capital flows.

Table of contents
  1. 1. Development Finance in the Global Economy: The Road Ahead
    Tony Addison, George Mavrotas
  2. 2. Foreign Aid Resurgent: New Spirit or Old Hangover?
    Peter J. Burnell
    More Working Paper | Foreign Aid Resurgent
  3. 3. Multilateral Development Assistance: Good, Bad or Just Plain Ugly?
    Mark McGillivray, Simon Feeny, Howard White
  4. 4. Immediate Prospects for Additional Finance: What Might be Done Now or Soon and on What Conditions?
    Anthony Clunies-Ross, John Langmore
    More Working Paper | Imminent Prospects for Additional Finance
  5. 5. Financing Global and Regional Public Goods through ODA?
    Helmut Reisen, Marcelo Soto, Thomas Weithöner
  6. 6. Multiactor Global Funds: New Tools to Address Urgent Global Problems
    Jeremy Heimans
    More Working Paper | Multiactor Global Funds
  7. 7. Transition from ODA to Private Capital Flows
    Renu Kohli
    More Working Paper | The Transition from Official Aid to Private Capital Flows
  8. 8. The Millennium Challenge Account: Transforming US Foreign Assistance Policy?
    Steven Radelet
  9. 9. Debt Relief: The Development and Poverty Impact
    Tony Addison
  10. 10. Remittances and Financial Inclusion in Development
    Helen S. Toxopeus, Robert Lensink
    More Working Paper | Remittances and Financial Inclusion in Development
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'The publication of this book on development finance is most timely, and should contribute to the major international conferences in 2008 considering financing for development issues. It significantly advances new thinking, especially on aid and new sources of development finance.' - Jomo K.S., UN Assistant Secretary General for Economic Development

'An excellent account of the current state of affairs in development finance.' - Yilmaz Akyüz, Former Director, Division on Globalization and Development Strategies, UNCTAD

'Comprising outstanding contributions by well-known economists, this book takes the debate on development finance a step further: the focus is on emerging issues in aid delivery and effectiveness – multilateral aid vis-à-vis bilateral aid, the contribution of aid in the provision of international public goods, the role of Multi-actor Global Funds, and the impact of recently introduced Millennium Challenge Account by the USA. The book does an excellent job of presenting a balanced and appropriately nuanced assessment of these issues and complements other volumes on new sources development finance.' - Sanjeev Gupta, Senior Advisor, Fiscal Affairs Department, IMF