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Multilateral development banks, new developmentalism and local currency financing

Author

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  • Luiz Carlos Bresser-Pereira
  • Cinthia Bechelaine

Abstract

Multilateral Development Banks (MDBs) are designed to finance investments that promote global economic and social development. The objective of this paper is to discuss a key component in meeting the demand for investment in developing countries, namely the ability of MDBs to provide loans in local rather than foreign currency. To explain how these institutions fulfill this purpose, we distinguish "traditional" from "new" MDBs, discuss the problems generated from foreign currency indebtedness, and explore a way out, or an alternative explanation, based on New Developmentalism theory and the challenge of local currency financing. JEL Classification: F3; F4; G2; O2.

Suggested Citation

  • Luiz Carlos Bresser-Pereira & Cinthia Bechelaine, 2019. "Multilateral development banks, new developmentalism and local currency financing," Brazilian Journal of Political Economy, Center of Political Economy, vol. 39(4), pages 755-767.
    • Handle: RePEc:ekm:repojs:v:39:y:2019:i:4:p:755-767:id:76
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/76/69
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    Citations

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    Cited by:

    1. Victoria Kuzenkova, 2021. "Effective Development Institutions," Public administration issues, Higher School of Economics, issue 5, pages 161-175.
    2. Schclarek, Alfredo & Xu, Jiajun, 2022. "Exchange rate and balance of payment crisis risks in the global development finance architecture," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).

    More about this item

    Keywords

    Multilateral development banks; new developmentalism; financing; currency policies;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • G2 - Financial Economics - - Financial Institutions and Services
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy

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