Advanced Search
MyIDEAS: Login to save this book or follow this series

Innovative Financing for Development

Contents:

Author Info

  • Suhas Ketkar
  • Dilip Ratha

Abstract

In the run-up to the 'follow-up international conference on financing for development' to be held in Doha from November 28 to December 2, 2008, it seems particularly timely to collect in one book writings on the various market-based innovative methods of raising development finance. Although developing countries are well advised to use caution in incurring large foreign debt obligations, especially of short duration, there is little doubt that poor countries can benefit from cross-border capital whether channeled through the public or private sectors. The papers in this book focus on various recent innovations in international finance that allow developing countries to tap global capital markets in times of low risk appetite, thereby reducing their vulnerability to booms and busts in capital flows. Debt issues backed by future hard currency receivables and diaspora bonds fall into the category of mechanisms that are best described as foul-weather friends. By linking the rate on interest to a country's ability to pay, Gross Domestic Product (GDP)-indexed bonds reduce the cyclical vulnerabilities of developing countries. Furthermore, these innovative mechanisms perm lower-cost and longer-term borrowings in international capital markets. Not only do the papers included in this book describe the innovative financing mechanisms; they also quantify the mechanisms' potential size and then identify the constraints on their use. Finally, the papers recommend concrete measures that the World Bank and other regional development banks can implement to alleviate these constraints. Economists have analyzed the feasibility and potential of using various tax-based sources of development finance in the context of meeting the millennium development goals. This has given rise to a new discipline of global public finance. This book complements those efforts by focusing on market based mechanisms for raising development finance.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/6549/456450PUB0978010ONLY10Sept030102008.pdf?sequence=1
Download Restriction: no

Bibliographic Info

as in new window
This book is provided by The World Bank in its series World Bank Publications with number 6549 and published in 2009.

ISBN: 978-0-8213-7685-0
Handle: RePEc:wbk:wbpubs:6549

Contact details of provider:
Postal: 1818 H Street, N.W., Washington, DC 20433
Phone: (202) 477-1234
Email:
Web page: https://openknowledge.worldbank.org
More information through EDIRC

Related research

Keywords: Finance and Financial Sector Development - Debt Markets Private Sector Development - Emerging Markets Finance and Financial Sector Development - Access to Finance Finance and Financial Sector Development - Bankruptcy and Resolution of Financial Distress;

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Collier, Paul, 2006. "Is Aid Oil? An Analysis Of Whether Africa Can Absorb More Aid," World Development, Elsevier, Elsevier, vol. 34(9), pages 1482-1497, September.
  2. Ratha, Dilip & De, Prabal K. & Mohapatra, Sanket, 2011. "Shadow Sovereign Ratings for Unrated Developing Countries," World Development, Elsevier, Elsevier, vol. 39(3), pages 295-307, March.
  3. Raghuram G. Rajan & Arvind Subramanian, 2008. "Aid and Growth: What Does the Cross-Country Evidence Really Show?," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 90(4), pages 643-665, November.
  4. John Gibson & David McKenzie & Halahingano Rohorua, 2006. "How Cost Elastic are Remittances? Estimates from Tongan Migrants in New Zealand," Working Papers in Economics, University of Waikato, Department of Economics 06/02, University of Waikato, Department of Economics.
  5. Tomoko Matsukawa & Odo Habeck, 2007. "Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments," World Bank Publications, The World Bank, The World Bank, number 6778, February.
  6. Simeon Inidayo Ajayi, 1997. "An Analysis of External Debt and Capital Flight in the Severely Indebted Low Income Countries in Sub-Saharan Africa," IMF Working Papers, International Monetary Fund 97/68, International Monetary Fund.
  7. Jian-Ye Wang, 2007. "What Drives China's Growing Role in Africa?," IMF Working Papers, International Monetary Fund 07/211, International Monetary Fund.
  8. Dilip Ratha & William Shaw, 2007. "South-South Migration and Remittances," World Bank Publications, The World Bank, The World Bank, number 6733, February.
  9. Richard Cantor & Frank Packer, 1996. "Determinants and impact of sovereign credit ratings," Economic Policy Review, Federal Reserve Bank of New York, Federal Reserve Bank of New York, issue Oct, pages 37-53.
  10. Raghuram Rajan & Arvind Subramanian, 2005. "Aid and Growth," IMF Working Papers, International Monetary Fund 05/127, International Monetary Fund.
  11. Andrew Powell & Dilip Ratha & Sanket Mohapatra, 2002. "Capital Inflows and Capital Outflows: Measurement, Determinants, Consequences," Business School Working Papers, Universidad Torcuato Di Tella veinticinco, Universidad Torcuato Di Tella.
  12. Léonce Ndikumana, 2002. "Public Debts and Private Assets:Explaining Capital Flight from Sub-Saharan African Countries," Working Papers, Political Economy Research Institute, University of Massachusetts at Amherst wp32, Political Economy Research Institute, University of Massachusetts at Amherst.
  13. Kapoor, Sony & Hillman, David & Spratt, Stephen, 2007. "Taking the Next Step - Implementing a Currency Transaction Development Levy," MPRA Paper, University Library of Munich, Germany 4054, University Library of Munich, Germany.
  14. Mohammed Salisu, 2005. "The Role of Capital Flight and Remittances in Current Account Sustainability in Sub‐Saharan Africa," African Development Review, African Development Bank, African Development Bank, vol. 17(3), pages 382-404.
  15. Ketkar, Suhas & Ratha, Dilip, 2001. "Development financing during a crisis : securitization of future receivables," Policy Research Working Paper Series, The World Bank 2582, The World Bank.
  16. John Page & Sonia Plaza, 2006. "Migration Remittances and Development: A Review of Global Evidence," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 15(2), pages 245-336, December.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Blanca Moreno-Dodson & Sanket Mohapatra & Dilip Ratha, 2012. "Migration, Taxation, and Inequality," World Bank Other Operational Studies, The World Bank 10038, The World Bank.
  2. Ibrahim Sirkeci & Jeffrey H. Cohen & Dilip Ratha, 2012. "Migration and Remittances during the Global Financial Crisis and Beyond," World Bank Publications, The World Bank, The World Bank, number 13092, February.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wbk:wbpubs:6549. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Breineder).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.