The Future of National Development Banks

Stephany Griffith-Jones is Financial Markets Director at the Initiative for Policy Dialogue at Columbia University, US, and Emeritus Professorial Fellow, at the Institute of Development Studies, Sussex University, UK. She specializes in national and international finance from a development perspective, capital flows and their management in different regions, and development finance. Griffiths-Jones has written or edited twenty-five books, including Time for a Visible Hand (Oxford University Press, 2010), and numerous articles. She has advised many international organizations including FEPS, the European Parliament, the World Bank, IADB, AfDB, and various UN agencies. She began her career at CORFO, the Chilean development bank.José Antonio Ocampo is a Member of the Board of Directors at Banco de la República, Colombia's central bank, Chair of the UN Committee for Development Policy, and Professor (on leave) from Columbia University. He has been UN Under-Secretary-General for Economic and Social Affairs, Executive Secretary of the UN Economic Commission for Latin America and the Caribbean, and Minister of Finance, Minister of Agriculture and Director of the National Planning of Colombia. He has received the 2012 Vicens Vives award for the best book on Latin American economic history, the 2008 Leontief Prize in Economics, and the 1988 Alejandro Angel Escobar National Science Award of Colombia. He has published extensively on macroeconomic theory and policy, international financial issues, economic and social development, international trade, and Colombian and Latin American economic history.

• 1: Stephany Griffith-Jones, José Antonio Ocampo, Felipe Rezende, Alfredo Schclarek, and Michael Brei: The Future of National Development BanksPart I: Case Studies2: Qiyuan Xu: China Development Bank: Born Bankrupt, Born Shaper3: Ulf Moslener, Matthias Thiemann, and Peter Volberding: National Development Banks as Active Financiers: The Case of KfW4: Rogério Studart and Luma Ramos: The Future of Development Banks: The Case of Brazil's BNDES5: Juan Carlos Moreno-Brid, Esteban Pérez Caldentey, and Laura Valdez: Changing Challenges in the Modernization of Nacional Financiera: Mexico's Key Development Bank6: Stephany Griffith-Jones, María Luz Martínez Sola, and Javiera Petersen: The role of CORFO in Chile's Development: Achievements and Challenges7: José Antonio Ocampo and Paola Arias: Colombia's System of National Development Banks8: Oscar Dancourt and Renzo Jiménez: The Experience of Development Banking in Peru: 1990-2015Part II: Thematic Issues9: Lavinia Barros de Castro: Financial Regulation and Risk Management in Development Banks10: Mariana Mazzucato and Caetano C.R. Penna: National Development Banks and Mission-Oriented Finance for Innovation11: Michael Brei and Alfredo Schclarek: The Countercyclical Behavior of National Development Banks in Latin America and the Caribbean12: Felipe Carvalho de Rezende: Financial Stability and Infrastructure: The Role of Development Banks13: Stephany Griffith-Jones, Jose Antonio Ocampo, and Paola Arias: Conclusions

Once considered a key vehicle for national advancement, development banks have come to be regarded as relics of a bygone age. This volume, however, reveals that these banks have in fact played highly positive roles in many countries. Moreover, it shows their best days may be ahead of them, as the need for large-scale, long-term finance grows with the challenges of climate change and techno-paradigm shift. Weaving together focused thematic analyses and rich, well-contextualized case studies, this excellent book presents a rigorous, balanced, and pragmatic discussion of one of the most important tools of economic development. Highly recommended.