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Post‐2015 Global Governance of Official Development Finance: Harnessing the Renaissance of Public Entrepreneurship

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  • Charles Gore
  • Jiajun Xu
  • Richard Carey

Abstract

The spirit of ‘public entrepreneurship’, reignited by large‐scale and long‐term official finance from emerging economies, is now driving a process of ‘creative destruction’ in the established systems for governing official development finance primarily forged among advanced economies. In response to this burgeoning official finance from emerging economies once on the margins or outside of these established systems, potentially seismic shifts are occurring in three central governance systems—the reporting systems for official development assistance in the OECD Development Assistance Committee, OECD export credit disciplines and debt sustainability in the Bretton Woods Institutions. Emerging economies create competitive pressures that work to redress the undue rigidities in these established frameworks, opening the way to meeting vast development financing needs. If not well managed or coordinated, however, growing official finance runs the risk of further rounds of financial arms races and debt crises. To harness the processes of ‘public entrepreneurship’ as a force for good in realizing a transformative post‐2015 development agenda requires international cooperation to reshape global governance of official development finance. Copyright © 2015 John Wiley & Sons, Ltd.

Suggested Citation

  • Charles Gore & Jiajun Xu & Richard Carey, 2015. "Post‐2015 Global Governance of Official Development Finance: Harnessing the Renaissance of Public Entrepreneurship," Journal of International Development, John Wiley & Sons, Ltd., vol. 27(6), pages 856-880, August.
  • Handle: RePEc:wly:jintdv:v:27:y:2015:i:6:p:856-880
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    Cited by:

    1. Jiajun Xu & Richard Carey, 2015. "China's international development finance: Past, present, and future," WIDER Working Paper Series wp-2015-130, World Institute for Development Economic Research (UNU-WIDER).
    2. Xia, Ying & Chen, Muyang, 2023. "The Janus face of stateness: China's development-oriented equity investments in Africa," World Development, Elsevier, vol. 162(C).
    3. Antonio Sianes & Luis A. Fernández-Portillo & Adela Toscano-Valle & Elena Pérez-Velasco, 2023. "Heterogeneity in financing for development strategies as a hindering factor to achieve a global agreement on the 2030 Agenda," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-13, December.
    4. Jiajun Xu & Richard Carey, 2015. "China's international development finance: Past, present, and future," WIDER Working Paper Series 130, World Institute for Development Economic Research (UNU-WIDER).
    5. Régis MARODON & Jiajun Xu & Xinshun Ru, 2020. "Mapping 500+ Development Banks," Working Paper 2cf2f056-7c48-4bcb-a2ad-1, Agence française de développement.

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