Kevin P. Gallagher – författare

Southern-Led Development Finance examines some of the innovative new south-south financial arrangements and institutions that have emerged in recent years, as countries from the Global South seek to transform their economies and to shield themselves from global economic turbulence.

Even before the Covid-19 crisis, it was clear to many that the global economy needed a reset and a massive increase in public investment. In the last decade southern-owned development banks, infrastructure funds, foreign exchange reserve funds and Sovereign Wealth Funds have doubled the amount of long-term finance available to developing countries. Now, as the world considers what a post-Covid-19 future will look like, it is clear that Southern-led institutions will do much of the heavy lifting.

This book brings together insights from theory and practice, incorporating the voices of bankers, policymakers and practitioners alongside international academics. It covers the most significant new initiatives stemming from Asia, tried and tested examples in Latin America and in Africa, and the contribution of advanced economies. Whilst the book highlights the potential for Southern-led initiatives to change the global financial landscape profoundly, it also shows their varied impacts and concludes that more is needed for development than just the technical availability of funds.

As governments and businesses become frustrated by the traditional North-dominated mechanisms and international financial system, this book argues that southern-led development finance will play an important role in the search for more inclusive, equitable and sustainable patterns of investment, trade and growth in the post-Covid landscape. It will be of interest to practitioners, policy makers, researchers and students working on development and finance everywhere.

Southern-Led Development Finance examines some of the innovative new south-south financial arrangements and institutions that have emerged in recent years, as countries from the Global South seek to transform their economies and to shield themselves from global economic turbulence.

Even before the Covid-19 crisis, it was clear to many that the global economy needed a reset and a massive increase in public investment. In the last decade southern-owned development banks, infrastructure funds, foreign exchange reserve funds and Sovereign Wealth Funds have doubled the amount of long-term finance available to developing countries. Now, as the world considers what a post-Covid-19 future will look like, it is clear that Southern-led institutions will do much of the heavy lifting.

This book brings together insights from theory and practice, incorporating the voices of bankers, policymakers and practitioners alongside international academics. It covers the most significant new initiatives stemming from Asia, tried and tested examples in Latin America and in Africa, and the contribution of advanced economies. Whilst the book highlights the potential for Southern-led initiatives to change the global financial landscape profoundly, it also shows their varied impacts and concludes that more is needed for development than just the technical availability of funds.

As governments and businesses become frustrated by the traditional North-dominated mechanisms and international financial system, this book argues that southern-led development finance will play an important role in the search for more inclusive, equitable and sustainable patterns of investment, trade and growth in the post-Covid landscape. It will be of interest to practitioners, policy makers, researchers and students working on development and finance everywhere.

This book explores what development banks, governments, and communities have learned in the last decade of careful negotiation between social and environmental protections in the Andean Amazon, and the pressures of a surging infrastructure and development boom.

While mega-dams, highways, and ports are filling up the pipelines of planners, the national governments of Andean and Amazon-basin countries and major development banks have enacted ambitious social and environmental protections. The book traces the development of social and environmental protections after years of struggle by affected communities, going beyond official policies to discover how these reforms work in practice, and ultimately whether they are enough to stem the risks of infrastructure mega-projects. As Chinese public banks play an increasingly important role in the region, the book also demonstrates that there is a risk of governments undercutting their own standards. By contrast, this book shows that making infrastructure work for everyone involved requires mutually reinforcing networks of support and accountability among communities, governments, and development banks.

This book, led by an expert multi-disciplinary, international team, will be of considerable interest to researchers in the fields of development and development economics, geography, anthropology, and ecology, as well as practitioners in development banks and in government regulatory and foreign aid agencies.

This book explores what development banks, governments, and communities have learned in the last decade of careful negotiation between social and environmental protections in the Andean Amazon, and the pressures of a surging infrastructure and development boom.

While mega-dams, highways, and ports are filling up the pipelines of planners, the national governments of Andean and Amazon-basin countries and major development banks have enacted ambitious social and environmental protections. The book traces the development of social and environmental protections after years of struggle by affected communities, going beyond official policies to discover how these reforms work in practice, and ultimately whether they are enough to stem the risks of infrastructure mega-projects. As Chinese public banks play an increasingly important role in the region, the book also demonstrates that there is a risk of governments undercutting their own standards. By contrast, this book shows that making infrastructure work for everyone involved requires mutually reinforcing networks of support and accountability among communities, governments, and development banks.

This book, led by an expert multi-disciplinary, international team, will be of considerable interest to researchers in the fields of development and development economics, geography, anthropology, and ecology, as well as practitioners in development banks and in government regulatory and foreign aid agencies.

After the 2008–9 global financial crisis, reforms to promote stability, social inclusion, and sustainability were promised but not delivered. As a result, the global economic situation, marred by inequality, volatility, and climate breakdown, remains dysfunctional.

Now, the economic fallout from the Covid-19 pandemic offers us a second chance. Kevin Gallagher and Richard Kozul-Wright argue that we must grasp it by implementing sweeping reforms to how we govern global money, finance, and trade. Without global leaders prepared to boldly rewrite the rules to promote a prosperous, just, and sustainable post-Covid world economic order – a Bretton Woods moment for the twenty-first century – we risk being engulfed by climate chaos and political dysfunction.

This book provides a blueprint for change that no one interested in the future of our planet can afford to miss.