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See detailRegional Development Banks in the World Economy
Howarth, David UL; Clifton, Judith; Diaz Fuentes, Daniel

in Clifton, Judith; Diaz Fuentes, Daniel; Howarth, David (Eds.) Regional Development Banks in the World Economy (2021)

In this introduction, we present the categories and the analytical framework that we apply to examine Regional Development Banks, and specifically a form of rational choice institutionalism—Principal ... [more ▼]

In this introduction, we present the categories and the analytical framework that we apply to examine Regional Development Banks, and specifically a form of rational choice institutionalism—Principal-Agent analysis. We apply the categories and framework to each Regional Development Bank in its specific political economy context, with a view to setting out and analysing the similarities and differences among Regional Development Bank. We demonstrate and explain an important evolution in the main objectives of Regional Development Bank lending activities over three distinct periods: from regional integration and development, to market promotion and development, and then to geographical expansion—and multi-polarity promotion for some Regional Development Banks—and a more strategic interventionism in the market, that includes market shaping activities including industrial policy. We explain this evolution in terms of the agency of the Regional Development Banks in relation to their multiple principal—the shareholder national governments. [less ▲]

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See detailRegional Development Banks in the World Economy
Howarth, David UL; Clifton, Judith; Diaz Fuentes, Daniel

Book published by Oxford University Press (2021)

Regional development banks (RDB) have become increasingly important in the world economy, but have also been relatively under-researched to date. This timely volume addresses this lack of attention by ... [more ▼]

Regional development banks (RDB) have become increasingly important in the world economy, but have also been relatively under-researched to date. This timely volume addresses this lack of attention by providing a comprehensive, comparative, and empirically informed analysis of their origins, evolution, and contemporary role in the world economy through to the second decade of the twenty-first century. In Regional Development Banks in the World Economy, the editors provide an analytical framework that includes a revised categorisation of RDB by geographic operation and function. Part one offers detailed analyses of the origins, evolution, and contemporary role of the major RDB, including the Inter-American Development Bank, the African Development Bank, the Asian Development Bank, the European Investment Bank, the Central American Bank, the Andean Development Corporation, the European Bank for Reconstruction and Development, and the Asian Infrastructure Investment Bank. Part two offers comparative analyses of key topics on RDB, examining their initial design and their changing business models, their shifting role in promoting policies supported by the United States as hegemon and the private sector. The volume ends with a critical reflection on the role played by RDB to date and a strong defence of the need for these banks in an increasingly complex world economy. [less ▲]

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See detailThe role of the European Investment Bank in Times of COVID-19
Howarth, David UL; Kavvadia, Helen; Clifton, Judith et al

in McDonald, D.A.; Marois, T.; Barrowclough, D.V. (Eds.) Public Banks and Covid-19: Combatting the Pandemic With Public Finance. Municipal Services Project (2020)

The European Guarantee Fund (EGF) is spearheading European Investment Bank (EIB) action in response to Covid-19. It will provide guarantees to the EIB and the EIF to reimburse any possible losses incurred ... [more ▼]

The European Guarantee Fund (EGF) is spearheading European Investment Bank (EIB) action in response to Covid-19. It will provide guarantees to the EIB and the EIF to reimburse any possible losses incurred in their operations. By pooling credit risk across all of the EIB’s members, the overall average cost of the EGF will be significantly reduced, compared to national schemes. Financially speaking, this appears an efficient solution given the objectives of a Regional Development Bank – which the EIB can be categorised. Most of the EGF funding will be made available through financial intermediaries – National Promotional Banks and commercial banks. Once the funds are made available and the list of financial intermediaries established, companies can file requests directly with financial intermediaries. We argue that especially in view of the public health crisis, it is high time for the EIB to establish a health sector strategy and step up its contribution from its own funds, beyond risk-sharing facilities with the Member States and the Commission as EGF and IDFF respectively. In its response to Covid-19 economic crisis, it is imperative for the EIB to focus squarely on the final beneficiaries (SMEs, innovation, social and environmental projects) rather than the private financial intermediaries. For the EU’s public bank, the need for assuring transparency and accountability, in view of the increasing use of budgetary and Member States’ funds especially in the public good health sector, is higher than ever. [less ▲]

Detailed reference viewed: 130 (0 UL)