Financing for Development: The Gap between Words and Deeds since Monterrey
AbstractThe Monterrey Consensus agreed at the UN summit on Financing for Development in 2002 promised a breakthrough in terms of donor generosity, aid effectiveness and new means of financing. However, the development orientation of world leaders proved to be short-lived. This is even though our evaluation reveals progress since Monterrey in some areas, notably debt relief and private (FDI) flows. Calls for substantially scaling up regular aid had little effect, and financial innovations contributed only marginally to overall development financing so far. There is not much progress either from the perspective of critics focusing on the quality of aid. In particular, we find that the targeting of aid according to need and merit leaves much to be desired. The gap between words and deeds continues to be wide with regard to aid proliferation and donor coordination, too
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Bibliographic InfoPaper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1691.
Length: 29 pages
Date of creation: Mar 2011
Date of revision:
official development assistance; debt relief; aid for trade; donor coordination; financial innovations; foreign direct investment; corruption;
Other versions of this item:
- Peter Nunnenkamp & Rainer Thiele, 2013. "Financing for Development: The Gap between Words and Deeds since Monterrey," Development Policy Review, Overseas Development Institute, vol. 31(1), pages 75-98, 01.
- F35 - International Economics - - International Finance - - - Foreign Aid
- F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
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