Public Banks, Public Purpose, and Early Actions in the Face of Covid-19

Barrowclough, Diana V.; Marois, Thomas

doi:10.4324/9781003329602-12

Cited by 4 publications

(11 citation statements)

References 18 publications

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“…The COVID‐19 pandemic has been a test case for many public banks as they had to act rapidly to mitigate the economic impact of the resulting slump (McDonald et al., 2020). NDB used special‐case waivers to provide emergency response loans and changed its policies to meet member requests (Barrowclough, 2020; NDB, 2021). AIIB announced a US$ 5 billion COVID‐19 facility in March 2020 before quickly doubling it to meet member requests, prioritizing health infrastructure (AIIB, 2020a).…”

Section: New Mdbs and Their Capacities: A Dynamic Viewmentioning

confidence: 99%

“…AIIB announced a US$ 5 billion COVID‐19 facility in March 2020 before quickly doubling it to meet member requests, prioritizing health infrastructure (AIIB, 2020a). Given that these new multilateral banks went beyond their mandates to expand their scope of lending amid the pandemic (see also Figure 1, below), Barrowclough (2020: 371) argues that this response indicates how their capacity may be used in the future. That is, like other public banks in the South, these public financial institutions can play ‘a central role in building forward better for a green and just transition to sustainable development’.…”

Section: New Mdbs and Their Capacities: A Dynamic Viewmentioning

confidence: 99%

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New Multilateral Development Banks and Green Lending: Approaching Scalar Complexities in the Global South

Güngen¹

2023

Development and Change

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Newly established multilateral development banks promote green finance and support a green transition in the global South. This article examines the new multilateral development banks using a dynamic view and documents the projects and lending preferences of New Development Bank (NDB) in Brazil and Asian Infrastructure Investment Bank (AIIB) in Turkey. While AIIB and NDB have made it easier for global South actors to access infrastructural investment funding and are committed to expanding green lending, their commitment rests on the use of country systems and national financial intermediaries. This results in extending loans for projects with significant risk and ignoring the broader connections of the projects to the environmentally hazardous strategies of capital accumulation. Despite their strong green discourse, their design and the way their mandates have been interpreted render new multilateral development banks prone to business as usual.

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Section: New Mdbs and Their Capacities: A Dynamic Viewmentioning

confidence: 99%

Section: New Mdbs and Their Capacities: A Dynamic Viewmentioning

confidence: 99%

New Multilateral Development Banks and Green Lending: Approaching Scalar Complexities in the Global South

Güngen¹

2023

Development and Change

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“…21 21 Further research is needed to determine the share of specific feedstocks, such as naphtha for instance, that is destined for the plastics sector. 22 Notably, here again the list of product HS codes used for additives in the Geneva Graduate Institute-UNCTAD database includes additives those that may not be exclusively used for plastics (Barrowclough, Deere Birkbeck and Christen, 2020 [69]). 11).…”

Section: Trade Trends In Plastics Along the Life Cyclementioning

confidence: 99%

Trade policies to promote the circular economy: A case study of the plastics value chain

2023

OECD Trade Policy Papers

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Plastic products present several environmental, health, social and economic challenges that span from the extraction of raw materials to primary and final plastics production, to their distribution and use, and to the collection and sorting of plastic waste. International trade, which has facilitated the development of plastics supply chains, also comes with a range of challenges, such as a surge in demand for plastics -notably in packaging -difficulties to monitor plastics embedded in other products, and an increased risk of plastic waste leaking in countries that have less rigorous environmental regulations. Yet trade can also serve as a vehicle to access foreign pollution control technologies or to foster economies of scale for circular economy practices. Indeed, the implementation of circular economy solutions through trade policies is crucial in addressing plastic pollution. Such policies could include reduced tariffs on environmentallyfriendly alternatives to plastic products; trade facilitation measures for reverse supply chains; or technical regulations, standards, labelling schemes, and conformity assessment procedures that promote product designs which will minimise pollution throughout the entire plastic lifecycle.

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“…UNCTAD research into loans and bond issuances in the petrochemicals sector shows a significant rise in new transactions each year after the Paris Agreement, rising from $15 billion in 2016 to over $50 billion in 2019. Current total active bonds and loans are valued at more than $250 billion, on top of existing equity holdings (Barrowclough and Finkill, 2021). While the public sector has generally decreased financial support in line with climate pledges, private finance has driven it much higher.…”

Section: The Forward March Of Fossil Fuel Finance Continuesmentioning

confidence: 99%

“…It is one reason behind increased support of official developmental assistance, the creation of dedicated global funds and, more recently, for philanthropic sources of project finance. It is also the starting point for a serious reappraisal of public banks, including for development (Stiglitz, 2019;Griffith-Jones, 2022).…”

Section: The Role Of Public Banks and Funds In Financing The Shift To...mentioning

confidence: 99%

Transport and Trade Facilitation Series

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ForewordForeword Today, we see setbacks in indicators on poverty, hunger and gender equality, to mention just a few. The financing gap for the Sustainable Development Goals in the global South -which totalled $2.5 trillion in 2015 -now amounts to $4 trillion. Nearly half of all humanity, or 3.3 billion people, lives in countries that spend more resources on debt servicing than on funding health or education. At this pace, only 15 per cent of the Sustainable Development Goals will be achieved by 2030.The Trade and Development Report 2023: Growth, Debt and Climate -Realigning the Global Financial Architecture identifies three specific global challenges that have crystalised during the year 2023. Weak global growth, divergence between major economies and between developing countries, as well as the increased role of geopolitical factors, indicate that we are witnessing a change in the nature of global interdependence, or a transition from the period of hyperglobalization to one of polyglobalization.In its current phase, globalization is more decentralized, moving from a system dominated by a few global powers to a network of regional poles, big continental economies in the South and the rise of various plurinational forums. Competitive multilateralism appears to be replacing a universal one. This new phase of globalization is marked by inequality within and between countries, premature deindustrialization (with stagnation in employment) and a lack of resilience in the international system, with trade and investment lagging behind.Between 1990 and 2010, at the peak of hyperglobalization, foreign direct investment expanded sevenfold and international trade, fourfold, while access to the Internet reached 30 per cent of the world population. In 2023, the growth of global trade remained below historical levels, with trade in intangible assets and services outpacing trade in manufactured goods, which has been hovering in negative territory. Asymmetries in the gains from international trade and related problems of market concentration have played a role in exacerbating the decline in the global labour income share. Foreign Second, the United States of America, accounting for a quarter of the world economy, displayed resilience during two years of rising consumer price inflation (April 2020-June 2022). This was despite a year and a half of blanket disinflation policies (11 interest rate hikes in 18 months) and sporadic financial market disruptions. Key parts of the economy, buoyed by employment and nominal wage growth, have sustained consumption and spending. At the same time, although unemployment reached historic lows, the employment rate remains at recession levels, standing at 58 per cent of the population, and for many, wages remain very low.Third, in China, lifting of the remaining COVID-19-related restrictions helped sustain the recovery that began in 2022 and which revamped industrial production. The country's economic growth relies less on exports than in the past and the Government continues to enjoy considerable ...

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Public Banks, Public Purpose, and Early Actions in the Face of Covid-19

Cited by 4 publications

References 18 publications

New Multilateral Development Banks and Green Lending: Approaching Scalar Complexities in the Global South

New Multilateral Development Banks and Green Lending: Approaching Scalar Complexities in the Global South

Trade policies to promote the circular economy: A case study of the plastics value chain

Transport and Trade Facilitation Series

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