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FINANCE AND DEVELOPMENT: PAPERS, STATEMENTS AND REPORTS No Additionality, New Conditionality: A Critique of the World Bank's Climate Investment Funds by Celine Tan (30 May 08)The World Bank is planning to establish a portfolio of climate investment funds (CIFs) to provide financing for climate-related activities. The stated objective of the funds is 'to bridge the financing and learning hap between now and a post-2012 global climate change agreement' by providing 'additional concessional financing' to developing countries 'to integrate both climate resilience and low carbon growth paths into their core development planning and budgeting' (World Bank, 2008a: 1). These funds, which will be established separately from the Bank's core operations, will deliver donor resources for ring-fenced projects and programmes, through multilateral development banks (MDBs), of which the World Bank is one. World Bank's Climate Funds Will Undermine Global Climate Action by Celine Tan (10 Apr 08) The World Bank will be holding a key two-day meeting in Washington DC next week to move forward plans to establish its proposed portfolio of climate investment funds (CIFs) projected at in time for the G8 summit in Japan in July. According to a statement on the Bank's website by Kathy Sierra, the Bank's vice-president of Sustainable Development, the aim of next week's meeting 'is to work out details of how, when, and where to funnel new donor financing to projects that will have a transformational impact, at scale, in developing countries struggling with climate change'. Managing financial instability in emerging markets: A Keynesian perspective by Yilmaz Akyüz (Feb 08) The Keynesian analysis of financial instability as developed by Hyman Minsky provides considerable insights into understanding the nature and dynamics of boom-bust cycles driven by international capital flows in emerging markets. Its main policy conclusion that financial control rather than macroeconomic policy holds the key to financial stability is equally valid. There is, however, need to develop a new approach to financial control and place greater emphasis on managing capital inflows than has hitherto been the case. Debt Sustainability in Emerging Markets: A Critical Appraisal by Yilmaz Akyüz (23 Jan 08) This paper critically assesses the standard IMF analytical framework for debt sustainability in emerging markets. It focuses on complementarities and trade-offs between fiscal and external sustainability, and interactions and feedbacks among policy and endogenous variables affecting debt ratios. Reform of the International Financial Architecture by Yilmaz Akyuz Note prepared for the G-77 Development Platform for the South 18-19 October 2007, New York The Finance and Trade Nexus: Systemic Challenges by Celine Tan Statement on behalf of the Third World Network, Informal Hearings of Civil Society on Civil Society Perspectives on the Status of Implementation of the Monterrey Consensus and the Tasks Ahead, High-Level Dialogue on Financing for Development, United Nations, New York, 22 October 2007
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