Kiel Working Papers, Kiel Institute for World Economics
No 1691:
Financing for Development: The Gap between Words and Deeds since Monterrey
Peter Nunnenkamp and Rainer Thiele
Abstract: The Monterrey Consensus agreed at the UN summit on
Financing for Development in 2002 promised a breakthrough in terms of donor
generosity, aid effectiveness and new means of financing. However, the
development orientation of world leaders proved to be short-lived. This is
even though our evaluation reveals progress since Monterrey in some areas,
notably debt relief and private (FDI) flows. Calls for substantially
scaling up regular aid had little effect, and financial innovations
contributed only marginally to overall development financing so far. There
is not much progress either from the perspective of critics focusing on the
quality of aid. In particular, we find that the targeting of aid according
to need and merit leaves much to be desired. The gap between words and
deeds continues to be wide with regard to aid proliferation and donor
coordination, too
Keywords: official development assistance, debt relief, aid for trade, donor coordination, financial innovations, foreign direct investment, corruption; (follow links to similar papers)
JEL-Codes: F35,; F53; (follow links to similar papers)
29 pages, March 2011
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