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A Role for Compensatory Finance in the 21st Century after the 2008 Global Financial Crisis

In: Commodities, Governance and Economic Development under Globalization

Author

Listed:
  • Adrian Hewitt

    (Overseas Development Institute)

Abstract

International or inter-regional compensatory finance was briefly a fashionable instrument in the relationship between developed and developing countries in the 1970s and 1980s, during the previous surge in commodity power. But, instead of becoming established as a settled adjustment mechanism with some permanence, either endowed with adequate funding or modelled as a self-financing mechanism in a post-Keynesian world, the schemes (STABEX, the Compensatory Financing Facility (CFF), SYSMIN, COMPEX, FLEX and the CCFF) were used by industrialized countries as a calming mechanism and an antidote to the Common Fund which, at the time, was seen as threatening over-regulation of commodity markets and, eventually, rigid supply management.

Suggested Citation

  • Adrian Hewitt, 2010. "A Role for Compensatory Finance in the 21st Century after the 2008 Global Financial Crisis," Palgrave Macmillan Books, in: Machiko Nissanke & George Mavrotas (ed.), Commodities, Governance and Economic Development under Globalization, chapter 10, pages 249-268, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27402-0_10
    DOI: 10.1057/9780230274020_10
    as

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