This report analyses the role that external shock financing can play in addressing the adverse impacts of external shocks in L&MICs. It summarises the growth impact of external shocks, maps out existing external shock financing facilities and instruments in the global financing architecture, and...

Jacqueline Best argues that the changes in International Monetary Fund, World Bank and donor policies in the 1990s, towards what some have called the "Post-Washington Consensus", were driven by an erosion of expert authority and an increasing preoccupation with policy failure. Failures such as...

Abstract The present paper aims to use the case of China Development Bank (CDB) to tackle the fundamental question of why development banks in an effort to shed light on the broader debate about the role of state in economic development. By delving deeper into the role of CDB in incubating the...

The catching-up of countries in the Global South to productivity levels and living standards of the Global North is the exception. There are two main economic explanations for this. First, developing countries are pushed to low-tech-labor-intensive productions and tasks in global value chains....

Private investment and a robust private sector are fundamental drivers of economic growth and job creation, which are key ingredients to help tackle poverty. Development finance institutions (DFIs), with their core mandates to promote economic growth through their financing, risk sharing and...

In this article we discuss the need for industrial policy and role of development banks for economic development. The catching-up of countries in the Global South to productivity levels and living standards of the Global North is the exception. There are two main economic explanations for this...