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Whither Multilateral Development Finance?

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  • Wihtol, Robert

    (Asian Development Bank Institute)

Abstract

Multilateral development finance is at a critical juncture. In the past 70 years, it has developed through four distinct stages. The Bretton Woods conference established the World Bank and the International Monetary Fund in 1944 to finance post-war reconstruction and stabilize the global economy. The second stage saw the establishment of regional development banks in the 1950s and 1960s. This was followed by the emergence of subregional banks. In the fourth stage, from the mid-1970s to the 2000s, specialized vertical funds were established to address global issues, and private development finance expanded. The multilateral financial architecture now has a multitude of development banks and funds. As the architecture enters the next stage, the development agenda is changing rapidly. Financially constrained traditional donors are unwilling to recapitalize the existing banks, while emerging donors want to reduce the role of traditional donors and increase their own funding. Emerging-economy bilateral programs are expanding. At the same time, new multilateral initiatives are advancing fast. The BRICS countries' New Development Bank and related contingent reserve and the PRC's Asian Infrastructure Investment Bank initiative have added to the pressure for reform, and to the risk of fragmentation. An alternative financial architecture may take shape led by emerging economies, playing down coordination and well-established development, safeguard, and governance criteria. However, there is also an opportunity for genuine reform to ensure a new and innovative multilateral architecture.

Suggested Citation

  • Wihtol, Robert, 2014. "Whither Multilateral Development Finance?," ADBI Working Papers 491, Asian Development Bank Institute.
  • Handle: RePEc:ris:adbiwp:0491
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    References listed on IDEAS

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    Cited by:

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    2. Hongying Wang, 2019. "The New Development Bank and the Asian Infrastructure Investment Bank: China's Ambiguous Approach to Global Financial Governance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 221-244, January.
    3. Adrian Robert Bazbauers, 2022. "Translating climate strategies into action: An analysis of the sustainable, green, and resilient city action plans of the multilateral development banks," Development Policy Review, Overseas Development Institute, vol. 40(2), March.
    4. Xianbai Ji, 2017. "Promoting regional development bank complementarity: challenges to Asia and lessons from Europe," Asia Europe Journal, Springer, vol. 15(3), pages 261-281, September.

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    More about this item

    Keywords

    multilateral development finance; bretton woods; regional financial institutions; emerging economies; brics; new development bank;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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