Kiel Working Papers, Kiel Institute for World Economics
No 981:
How to Finance Economic Development in the New Millennium: German Capital Exports to Asia and the Debate on the Effectiveness of Official Development Financing
Peter Nunnenkamp
Abstract: Germany's role in financing economic development in Asia
on a sustainable basis leaves much to be desired. Direct investors are
still underrepresented in the region. Commercial banks have fueled
speculative bubbles. Official development financing does not appear to be
based on efficiency-related criteria. As concerns development financing in
the new millennium, the challenge for relatively advanced emerging market
economies is mainly to restructure private capital inflows in order to
soften boom and bust cycles. Official development financing needs major
reforms in order to promote economic growth, alleviate poverty and support
good governance in low-income developing countries.
Keywords: official development assistance, private capital flows; (follow links to similar papers)
JEL-Codes: F30; F35; (follow links to similar papers)
45 pages, May 2000
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