Future of National Development Banks
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Stephany Griffith-Jones is Financial Markets Director at the Initiative for Policy Dialogue at Columbia University, US, and Emeritus Professorial Fellow, at the Institute of Development Studies, Sussex University, UK. She specializes in national and international finance from a development perspective, capital flows and their management in different regions, and development finance. Griffiths-Jones has written or edited twenty-five books, including Time for a Visible Hand (Oxford University Press, 2010), and numerous articles. She has advised many international organizations including FEPS, the European Parliament, the World Bank, IADB, AfDB, and various UN agencies. She began her career at CORFO, the Chilean development bank. José Antonio Ocampo is a Member of the Board of Directors at Banco de la República, Colombia's central bank, Chair of the UN Committee for Development Policy, and Professor (on leave) from Columbia University. He has been UN Under-Secretary-General for Economic and Social Affairs, Executive Secretary of the UN Economic Commission for Latin America and the Caribbean, and Minister of Finance, Minister of Agriculture and Director of the National Planning of Colombia. He has received the 2012 Vicens Vives award for the best book on Latin American economic history, the 2008 Leontief Prize in Economics, and the 1988 Alejandro Angel Escobar National Science Award of Colombia. He has published extensively on macroeconomic theory and policy, international financial issues, economic and social development, international trade, and Colombian and Latin American economic history.Once considered a key vehicle for national advancement, development banks have come to be regarded as relics of a bygone age. This volume, however, reveals that these banks have in fact played highly positive roles in many countries. Moreover, it shows their best days may be ahead of them, as the need for large-scale, long-term finance grows with the challenges of climate change and techno-paradigm shift. Weaving together focused thematic analyses and rich, well-contextualized case studies, this excellent book presents a rigorous, balanced, and pragmatic discussion of one of the most important tools of economic development. Highly recommended.
Ha-Joon Chang, Reader in the Political Economy of Development, University of Cambridge, UK, and author of Kicking Away the Ladder and 23 Things They Don't Tell You About Capitalism
This book is an excellent historical analysis of the positive role of national development banks worldwide. A clear incentive for these institutions to expand their products and services in line with the challenges of this new era, it is essential reading for researchers as well as national and international policy-makers dealing with economic development, and especially with development finance.
L. Enrique GarcÃa, Former President of the Development Bank of Latin America (CAF)
This book is an outstanding and pioneering contribution to knowledge on national development banksâ valuable roles to help achieve countriesâ economic, social and environmental aims. The in-depth analysis of their activities, especially in major Latin American countries, shows their positive support for private and public investment, and for the development of the financial sector. This book clarifies, thanks to its comprehensive analysis, the positive impact of these development banks, which are increasingly important but not sufficiently known and valued. This book is a must read for all concerned with the role of the financial sector in development.
Enrique Iglesias, Former President of the Inter-American Development Bank
The reputation of national development banks (NDBs) has waxed and waned as policy fashions have evolved over the years. The case studies included in this book demonstrate that NDBs continue to have an important function. They offer valuable lessons on how to enhance the contributions of NDBs to development and the conditions that are most conducive to their success.
Dani Rodrik, Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government, Harvard University