IDEAS home Printed from https://ideas.repec.org/p/unt/wpmpdd/wp-15-11.html
   My bibliography  Save this paper

Financing Sustainable Development: What Can We Learn from the Australian Experience of Reform?

Author

Listed:
  • Wayne Swan

    (Member of Parliament, formerly the Deputy Prime Minister and Treasurer of the Commonwealth of Australia)

Abstract

Finance is fundamental to supporting sustainable development. It drives investment and jobs, which is the way most people escape poverty. The developing world face significant financing needs as they seek to modernise their economies, hence the importance of mobilising all forms of finance (domestic, international, public and private) and ensuring they are put to their most effective use. Financing sustainable development presents many challenges, including the need to balance the desire for growth today with the needs of future generations who face the impact of climate change and increasingly fragile ecosystems. It needs to ensure that growth is inclusive, ensuring that everyone has the opportunity to participate in and benefit from growth. And we need to ensure the benefits of growth reach the most vulnerable as we pursue new and innovative approaches to development finance. Respecting and striking the right balance in relation to each of these challenges is critical to the global effort to secure sustainable development finance. It will be pivotal to the success of the upcoming Addis Ababa conference, and the post-2015 development agenda more generally. Both the private and public sectors have critical roles to play in this process, with the private sector an increasingly important source of finance and development and the public sector also important for investment, the provision of a social safety net, and in providing the enabling economic and regulatory environment for development. The experience of the Asia-Pacific region has been mixed with respect to sustainable development finance. Despite this diversity and stages of development in the region, there are issues and lessons that can inform and guide how we approach the post-2015 agenda in terms of sustainable development finance in the Asia Pacific? This paper considers a number of proposals being developed as part of the Addis Ababa meeting on financing for development and discusses the experience of Australia in pursuing sustainable development. Some of these proposals relate to how countries themselves can expand their access to finance for sustainable development, while others go to how developing nations, international agencies and other stakeholders may support development in the Asia Pacific region.

Suggested Citation

  • Wayne Swan, 2015. "Financing Sustainable Development: What Can We Learn from the Australian Experience of Reform?," MPDD Working Paper Series WP/15/11, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    • Handle: RePEc:unt:wpmpdd:wp/15/11
    as

    Download full text from publisher

    File URL: http://www.unescap.org/sites/default/files/11-ESCAP_Australian%20Perspectives-July2015_share_2.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Barry Eichengreen & Masahiro Kawai, 2014. "Issues for Renminbi Internationalization : An Overview," Finance Working Papers 23961, East Asian Bureau of Economic Research.
    2. Eden Hatzvi & William Nixon & Michelle Wright, 2014. "The Offshore Renminbi Market and Australia," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 53-62, December.
    3. Marianna O'Gorman & Frank Jotzo, 2014. "Impact of the Carbon Price on Australia's Electricity Demand, Supply and Emissions," CCEP Working Papers 1411, Centre for Climate & Energy Policy, Crawford School of Public Policy, The Australian National University.
    4. Torsten Ehlers & Frank Packer & Eli Remolona, 2014. "Infrastructure and Corporate Bond Markets in Asia," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Read (ed.),Financial Flows and Infrastructure Financing, Reserve Bank of Australia.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wayne Swan, 2015. "Financing sustainable development – What can we learn from the Australian experience of reform?," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 22(2), pages 135-164, December.
    2. Renu Kohli & Pravakar Sahoo & M. Shuheb Khan, 2017. "Developing India's Offshore Local Currency Bond Market: Lessons from Emerging Countries," Working Papers id:12039, eSocialSciences.
    3. Löchel, H. & Packham, N. & Walisch, F., 2016. "Determinants of the onshore and offshore Chinese government yield curves," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 77-93.
    4. Rohan Best & Paul J. Burke, 2020. "Energy mix persistence and the effect of carbon pricing," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 64(3), pages 555-574, July.
    5. Lauren A. Johnston, 2019. "The Belt and Road Initiative: What is in it for China?," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 6(1), pages 40-58, January.
    6. Torsten Ehlers, 2014. "Understanding the challenges for infrastructure finance," BIS Working Papers 454, Bank for International Settlements.
    7. Ng, Thiam Hee & Tao, Jacqueline Yujia, 2016. "Bond financing for renewable energy in Asia," Energy Policy, Elsevier, vol. 95(C), pages 509-517.
    8. Raymond Markey & Joseph McIvor & Martin O’Brien & Chris F Wright, 2021. "Triggering business responses to climate policy in Australia," Australian Journal of Management, Australian School of Business, vol. 46(2), pages 248-271, May.
    9. Mwampashi, Muthe Mathias & Nikitopoulos, Christina Sklibosios & Konstandatos, Otto & Rai, Alan, 2021. "Wind generation and the dynamics of electricity prices in Australia," Energy Economics, Elsevier, vol. 103(C).
    10. Fan Zhang & Miaojie Yu & Jiantuo Yu & Yang Jin, 2017. "The Effect of RMB Internationalization on Belt and Road Initiative: Evidence from Bilateral Swap Agreements," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(12), pages 2845-2857, December.
    11. Sæther, Simen Rostad, 2021. "Climate policy choices: An empirical study of the effects on the OECD and BRICS power sector emission intensity," Economic Analysis and Policy, Elsevier, vol. 71(C), pages 499-515.
    12. Michael Regan, 2017. "Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region," IJFS, MDPI, vol. 5(1), pages 1-28, February.
    13. Hyoung-kyu Chey & Yu Wai Vic Li, 2016. "Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization," GRIPS Discussion Papers 15-23, National Graduate Institute for Policy Studies.
    14. Nicolas Campos & Eduardo Engel & Ronald D. Fischer & Alexander Galetovic, 2019. "Renegotiations and corruption in infrastructure: The Odebrecht case," "Marco Fanno" Working Papers 0230, Dipartimento di Scienze Economiche "Marco Fanno".
    15. Hyoung-kyu Chey, 2015. "Renminbi in Ordinary Economies: A Demand-side Study of Currency Globalization," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 23(3), pages 1-21, May.
    16. Crossin, Enda & Doherty, Peter J.B., 2016. "The effect of charging time on the comparative environmental performance of different vehicle types," Applied Energy, Elsevier, vol. 179(C), pages 716-726.
    17. Andrea Fracasso, 2015. "Economic Rebalancing and Growth: the Japanese experience and China’s prospects," DEM Discussion Papers 2015/07, Department of Economics and Management.
    18. Hammerle, Mara & Best, Rohan & Crosby, Paul, 2021. "Public acceptance of carbon taxes in Australia," Energy Economics, Elsevier, vol. 101(C).
    19. He, Dong & Yu, Xiangrong, 2016. "Network effects in currency internationalisation: Insights from BIS triennial surveys and implications for the renminbi," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 203-229.
    20. Carl, Jeremy & Fedor, David, 2016. "Tracking global carbon revenues: A survey of carbon taxes versus cap-and-trade in the real world," Energy Policy, Elsevier, vol. 96(C), pages 50-77.

    More about this item

    Keywords

    Financing; Sustainable Development; public sector; private sector; post-2015; Asia Pacific.;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H40 - Public Economics - - Publicly Provided Goods - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:unt:wpmpdd:wp/15/11. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Macroeconomic Policy and Development Division, ESCAP (email available below). General contact details of provider: https://edirc.repec.org/data/escapth.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.