There is a commonly held notion that higher fixed investment allows one to have it all — a higher labour productivity, a higher wage growth and higher or at least sustained returns on capital. However, experience shows that capital accumulation has led to a decline in total capital...

As a result of dissatisfaction with existing multilateral institutions, the idea of establishing a developing countries' multilateral banking facility-the South Bank-was launched at the Fifth Summit Conference of the Non-Aligned Movement held in Colombo in 1976. Ever since then, the debate over...

This article presents an outline of major international financial institutions, i.e. the Bretton Woods organisations. The focus of analysis is on the conceptions that have shaped the posture of these institutions on development issues and on their corresponding activities and problems.

In literature and practice the term “development bank” is commonly applied to investment banks for the financing of private projects which deserve to be promoted on general economic grounds. Their salient task is usually to provide medium- and long-term funds. Complementary consultative...