BeyondBrettonWoods:ComplementarityandCompetitionintheInternationalEconomicOrderSeptember15,2017PresenterBiographies&Abstracts:

CornelBan

Cornel Ban is the author of ten peer-reviewed articles on economic policystrategiesinSouthernEurope,EasternEuropeandLatinAmerica,professionalsand economic policy, the politics of IMF fiscal policy advice and Europeanfinancial crisis management. His most recent book was published by OxfordUniversityPressanddealswiththelocaladaptationandcrisisresilienceofglobaleconomicparadigmsinSpainandRomania.Dr.Banalsoco-editedspecialissuesontheIMF,theBRICSandshadowbankingforleadingjournalssuchasReviewofInternational Political Economy andGovernance. At Boston University he alsoservesastheco-directoroftheGlobalEconomicGovernanceInitiative.

PaperTitle:BetweenAusterityandCountercyclicalLending:TheEurope'sNewFinancialInstitutionsSince 2013 the Eurozone (albeit not the EU as a whole) has a full-fledged lender of last resort function forsovereigns (European StabilityMechanism) and since 2015 it also acquired a Keynesian face in the formof acountercyclicallendingfund(EuropeanFundforStrategicInvestments).However,thefirstfunctioncomesatthecostofimposingfurtherpressuresforpro-cyclicalfiscalpoliciesoncountriesfacingsovereigndebtissueswhilethesecondhashadapatchyrecordatdeliveringdemand-sidesupporttothecountriesthatneededitthemost.Today,Europefindsitselfinaninterregnumthatrediscoversthevirtuesofdevelopmentbankingforrichcountriesjustasoldpro-cyclicalinstitutionspushbackagainstchange.GregoryChin

Dr.GregoryChinisAssociateProfessorofPoliticalEconomyatYorkUniversity,Canada.His principal research interests are in the areas of international and comparativepoliticaleconomy,withafocusonChina'sinternationalfinancialandmonetaryaffairs,Asianregionalism,theBRICS,andglobalgovernancereform.HeiscurrentlyfinishingabookmanuscriptonRenminbiinternationalization.

He is aNon-Resident Senior Fellowof the ForeignPolicy Institute (FPI) at The JohnsHopkinsUniversitySAIS,whereheco-directs theEmergingGlobalGovernance (EGG)project, a joint initiative with the journalGlobal Policy. He is on the InternationalAdvisory Board of the journalReviewof International Political Economy, and on theEditorial Board of the journal Global Governance. Prior to joining York University,

GregoryChinwasFirstSecretary(Development)attheCanadianEmbassyinBeijing(2003to2006),andfrom2000to 2003, he served in Canada's Department of Foreign Affairs and International Trade, and the CanadianInternationalDevelopmentAgency.

PaperTitle:DevelopmentFinancewithChina'sCharacteristics(withKevinGallagher)

Chinahasemergedoverthelasttwodecadesasaleadingglobalsourceofdevelopmentfinance.AlthoughsomeChinesedevelopment finance is comparable to that of previous risingpowerswhichwasdirected tobuildinginternationalcommoditysupplychainsand internationalproductionnetworks,China’sdevelopmentfinance isunprecedentedanddistinctintermsofitsvolumeandgeographicalspread,thecohesionbetweenstate-corporatemarket action, and the utilization of state finance for risk-taking and risk-management. China is alsounprecedentedinadvancinga‘consortia’approachtodevelopmentfinance,wheregroupingsoffinanciersarebroughttogetheronaprojectinadevelopingcountry, inordertoconnectvariouslinesoffinancing, includinggrants,no-interest,concessional,semi-concessional,andcommercialloans,directinvestment,andtradefinance,withthegoalofmaximizingdevelopmentalimpact.ThescopeandscaleofChina’sdevelopmentfinanceposesanexistentialchallengetotheDACforeignaidregimeoftheOECDcapitalproviders(centeredontheODAreportingsystem),andisdrivingDACmemberstoreconsidertheirbasicconceptsofdevelopmentfinance.InthefaceofthechallengetothenormativeunderpinningsoftheOECD-DACregime,traditionaldonorgovernmentsarehavingto considerwhether some degree ofmutual accommodation is possiblewithin the BrettonWoods order, orwhetherChinesedevelopmentfinancecanonlybeachallengetotheorder.

BarbaraFritz

Barbara Fritz holds a joint appointment as professor at the Institute for LatinAmericanStudiesand theSchoolofBusiness&Economicsat theFreieUniversitätBerlin. Her fields of expertise are development economics and internationalmacroeconomics, money and finance, with a special focus on Latin America,especially Brazil. She has published widely on economic development strategies,regional monetary cooperation, migration and remittances, and on theinterdependencebetweenmacroeconomicandsocialpolicies.

PaperTitle:TheRoleofRegionalFinancialArrangementswithintheGlobalFinancialSafetyNet

The global financial safety net provides backstop during times of financial crises. Its elements underwentfundamentalchangessincetheglobalfinancialcrisis.BeyondrelevantchangeswithIMFliquidityprovisionatthegloballevel,newregionalfinancialarrangements(RFAs)werecreated,andbilateralswapagreementsemergedasanewelement.Inthispaper,weaskhowthesechangesinfluencetheuseofthedifferentsafetynetoptions,andwhatroleRFAshaveinthesafetynettoday.WeanalyzeespeciallytheroleoftheArabMonetaryFundandtheEurasianFundforStabilizationandDevelopment(EFSD,beforeknownastheEURASECAnti-CrisisFund)withinthis global safetynet.We created adatabasewith all the cases inwhich aRFAmemberdrewononeof theelementsoftheglobalsafetynet.Thisallowsustoanalyzewhichotheroptionsthecountryhadathand,andtoexaminetheirusealongtheinstitutionaldesignintermsoftimeliness,volume,andpolicyconditionality.Wefindtoday’sglobalfinancialsafetynettobenotaglobal,butageographicallyandstructurallyscatterednet.RFAs,includingtheAMFandtheEFSD,makethesafetynetsaferonlyforverysmallmembercountries.Thetwocasesalsodemonstratethat intra-regionalasymmetriesofregional liquidityfundsseemtoplayacontradictoryrole:whileparticipationofbiggereconomiesisfundamentaltoleverageliquidityprovision,atthesametimeitmaycreatedifficultiesforthegovernanceoftheregionalbody.

KevinP.Gallagher

Dr.KevinP.Gallagher isaprofessorofglobaldevelopmentpolicyattheFrederickS.Pardee School of Global Studies and the director of theGlobal Development PolicyCenter (GDPC). Themission of the GDPC is to advance policy-oriented research forfinancialstability,humanwellbeing,andenvironmentalsustainability.Dr.GallagheristheauthorofTheChinaTriangle:LatinAmerica’sChinaBoomandtheFate of the Washington Consensus, Ruling Capital: Emerging Markets and theReregulationofCross-borderFinance,TheDragonintheRoom:ChinaandtheFutureofLatin American Industrialization (with Roberto Porzecanski), The Enclave Economy:ForeignInvestmentandSustainableDevelopmentinMexico’sSiliconValley,andFreeTradeandtheEnvironment:Mexico,NAFTA,andBeyond.

Dr.GallagherservedontheU.S.DepartmentofState’sInvestmentSubcommitteeoftheAdvisoryCommitteeonInternational EconomicPolicy and the International InvestmentDivisionof theUnitedNationsConferenceonTradeandDevelopment.HehasservedasavisitingoradjunctprofessoratthePaulNitzeSchoolforAdvancedInternationalStudiesatJohnsHopkinsUniversity,theFletcherSchoolofLawandDiplomacy,TuftsUniversity;ElColegiodeMexicoinMexico;TsinghuaUniversityinChina;andtheCenterforStateandSocietyinArgentina.HehasaB.A.fromNortheasternUniversity,Boston,andaM.A.andPh.D.fromTuftsUniversity.Dr.Gallagherisco-editor of the Review of International Political Economy and writes regular columns in The FinancialTimesandTheGuardian.PaperTitle:DevelopmentFinancewithChina'sCharacteristics(withGregoryChin)

Chinahasemergedoverthelasttwodecadesasaleadingglobalsourceofdevelopmentfinance.AlthoughsomeChinesedevelopment finance is comparable to that of previous risingpowerswhichwasdirected tobuildinginternationalcommoditysupplychainsand internationalproductionnetworks,China’sdevelopmentfinance isunprecedentedanddistinctintermsofitsvolumeandgeographicalspread,thecohesionbetweenstate-corporatemarket action, and the utilization of state finance for risk-taking and risk-management. China is alsounprecedentedinadvancinga‘consortia’approachtodevelopmentfinance,wheregroupingsoffinanciersarebroughttogetheronaprojectinadevelopingcountry, inordertoconnectvariouslinesoffinancing, includinggrants,no-interest,concessional,semi-concessional,andcommercialloans,directinvestment,andtradefinance,withthegoalofmaximizingdevelopmentalimpact.ThescopeandscaleofChina’sdevelopmentfinanceposesanexistentialchallengetotheDACforeignaidregimeoftheOECDcapitalproviders(centeredontheODAreportingsystem),andisdrivingDACmemberstoreconsidertheirbasicconceptsofdevelopmentfinance.InthefaceofthechallengetothenormativeunderpinningsoftheOECD-DACregime,traditionaldonorgovernmentsarehavingto considerwhether some degree ofmutual accommodation is possiblewithin the BrettonWoods order, orwhetherChinesedevelopmentfinancecanonlybeachallengetotheorder.

IleneGrabel

Ilene Grabel is Professor of International Finance and co-director of the graduateprograminGlobalFinance,Trade,andEconomicIntegrationattheJosefKorbelSchoolof International Studies at the University of Denver (USA). She has worked as aconsultant to the International Poverty Centre for Inclusive Growth of the UnitedNationsDevelopmentProgramme(UNDP),UnitedNationsConferenceonTradeandDevelopment /G-24, United Nations University/World Institute for DevelopmentEconomicsResearch,andUNDP’sHumanDevelopmentReportOffice.GrabelhasalsobeenaconsultanttoActionAid,tothecoalition“NewRulesforGlobalFinance,”was

anExpertAdvisortotheThirdWorldNetworkprojectoncapitalcontrolsandfreetradeagreements;isamemberoftheTaskForceonRegulatingGlobalCapitalFlowsforLong-RunDevelopment(ofthePardeeCenterfortheStudyoftheLonger-rangeFuture,BostonUniversity),hasbeenamembersince2013oftheScientificAdvisoryBoard of theGroup of the Progressive Alliance of the European Parliament, and since 1987 has been a staffeconomistwiththeCenterforPopularEconomics.Sheservedasaco-editoroftheReviewofInternationalPoliticalEconomy from2013-2017. Grabelhaspublishedwidelyonfinancialpolicyandcrises,developmental financialarchitectures,internationalfinancialinstitutions,andinternationalcapitalflows.HerresearchhasbeenpublishedinEconomía Informa,Cambridge JournalofEconomics,WorldDevelopment, JournalofDevelopmentStudies,Reviewof Social Economy, JournalofPost-KeynesianEconomics, Feminist Economics,Reviewof InternationalPoliticalEconomy,InternationalReviewofAppliedEconomics,InternationalJournalofPoliticalEconomy,ReviewofRadicalPoliticalEconomics,EasternEconomicsJournal,andtheJournalofEconomicIssues.Grabel’s2004book(ZedBooks,withHa-JoonChang),ReclaimingDevelopment,wasreissuedin2014,andhasbeentranslatedintoKorean, Turkish, Spanish, Portuguese, Tamil,Malayalam and Bahasa/Indonesian. Grabel’s book,When ThingsDon’tFallApart:GlobalFinancialGovernanceandDevelopmentalFinance

InanAgeofProductiveIncoherence,isforthcomingwithMITPress(December2017).

PaperTitle:AHirschmanianPerspectiveonProductiveIncoherence,ProductiveRedundancy,andtheEvolvingFinancialGovernanceArchitecture

Iadvancethreeclaimsinthepaper.Thefirstclaimispositive.TheAsianandespeciallytheglobalfinancialcrisisoccasionedmeaningful though disconnected, ad hoc, and experimental discontinuities in several dimensionsofthefinancialgovernancearchitectureanddevelopmentalfinanceofparticularsaliencetoemergingmarketanddevelopingeconomies(EMDEs).Non-trivialcontinuitiesarealsoreadilyapparent.Thesecondclaimisnormative.The conjunction of discontinuities and continuities is imparting incoherence to the financial governancearchitectureanddevelopmental finance,but this incoherence isproductiverather thandebilitating.Emergent“productiveincoherence”isbeneficialforEMDEsbecauseitiscreatingamorecomplex,dense,fragmented,andpluri-polar direction in the financial governance architecture, and consequently expanding dramatically thepossibilities for policy and institutional experimentation, policy space for economic andhumandevelopment,financial stabilityandresilience in the faceofdisturbances,and financial inclusion.Emergent redundancyandnetworksofcooperationamonginstitutionsincreaseresilienceandanti-fragility.Thethirdclaimisthattheinsightabout productive incoherence can be understood most fully within a “Hirschmanian mindset,” i.e., anunderstanding of social and regime change informed by AlbertO. Hirschman’s key theoretical and epistemiccommitments.TheHirschmanianvisionthatinformsthepaperrecognizesthatmeaningfulchangecanandshouldcomeaboutthroughproliferationofpartial,limited,andpragmaticadjustmentsininstitutionsandpracticesasactorspragmaticallymanageinanevolvingworld.

WilliamW.Grimes

William W. Grimes is Associate Dean for Academic Affairs and Professor ofInternational Relations& Political Science at the Frederick S. Pardee School ofGlobalStudiesatBostonUniversity.HeistheauthorofUnmakingtheJapaneseMiracle: Macroeconomic Politics, 1985-2000 (Cornell University Press, 2001)and Currency and Contest in East Asia: The Great Power Politics of FinancialRegionalism (Cornell University Press, 2009). Currency and Contest in EastAsiawasawardedthe2010MasayoshiOhiraPrizeforoutstandingbookonthePacificBasinandreceivedanHonorableMentioninthecompetitionfortheAsiaSociety’sBernardSchwartzBookAward in2009.Hehasalsopublishedarticles,bookchapters,monographs,andcommentaryonEastAsianfinancialregionalism,

theimpactsoffinancialglobalizationinJapan,Japanesemonetarypolicymaking,US-Japanrelations,andrelatedtopics.HiscurrentresearchfocusesregionalfinancialcooperationandinfrastructureaidinEastAsia.

PaperTitle:LeavingtheNest:TheRiseofRegionalFinancialArrangementsandtheFutureofGlobalGovernance(withWilliamKring)

Inthispaper,weexaminetheimpactofregionalfinancialarrangements(RFAs)onthegloballiquidityregime.Weargue that the design of RFAs carries the potential to significantly alter the global regime, whether bystrengtheningitandmakingitmorecoherentorbydecenteringtheIMFanddestabilizingtheregime.Wedeploya‘middle-up’approachthatfocusesontheinstitutionaldesignoftheseRFAs,followingatwo-partanalysis.WefirstdrawontherationaldesignofinstitutionsframeworktoidentifytheinternalcharacteristicsofRFAsthataremostrelevanttotheircapabilitiesandcapacities.WethenapplytheseinsightstotheRFAs’relationswiththeIMF,buildingonAggarwal’s (1998)conceptionof“nested”versus“parallel” institutions tocreateananalytical lensthroughwhichtoassessthenatureandsustainabilityofnestedlinkages.ThroughananalysisoftheChiangMaiInitiativeMultilateralization(CMIM)andtheLatinAmericanReserveFund(FLAR),wedemonstratetheusefulnessof this lens. Our analysis also delineates three circumstances in which fault lines created by these RFAs’institutionaldesigncouldbe‘activated,’permittinganinstitutionto‘leavethenest,’includingchangingintentionsoftheprincipals,creationofparallelcapabilitiesandfacilities,andfailureoftheglobalregimetoaddressregionalneedsinacrisis.

EricHelleiner

EricHelleinerisProfessorintheDepartmentofPoliticalScienceandBalsillieSchoolofInternational Affairs at the University of Waterloo. His most recent booksincludeForgottenFoundationsofBrettonWoods(2014),TheStatusQuoCrisis:GlobalFinancialGovernanceafterthe2008Meltdown(2014)and(asco-editor)TheGreatWallofMoney:PowerandPoliticsinChina’sInternationalMonetaryRelations(2014).Heisalso presently co-editorwith Jonathan Kirshner of the book seriesCornell Studies inMoney.

PaperTitle:ChineseandLatinAmericanOriginsofMultilateralFinancialInstitutions

RecentinitiativesofChinaandotheremergingpowerstocreatenewmultilateralfinancialinstitutions(MFIs)areoften seen as efforts to build upon and/or challenge an idea pioneered in the West. Although Westerngovernments played a major role in creating the BrettonWoods institutions, thinkers from China and LatinAmericaalsoadvancedsignificantandinfluential ideasaboutMFIsbothduringandbeforetheBrettonWoodsnegotiations.Theseearlynon-WesternMFIproposalsweredevelopedbythinkerswhosoughtexternalfinancefortheirambitiousdomesticeconomicdevelopmentgoals.Criticalofpastexperienceswithforeignprivatelendingandinvestment,theysawMFIsasmechanismsformobilizingforeigncapitalthatwouldbemorerespectfulofnationalsovereigntyandoflocalaspirationstoraiselivingstandards.ChineseandLatinAmericanthinkersalsosawMFIsasinstitutionsthatmightgivetheircountriesamoreprominentroleinglobalfinancialgovernanceandmighthelpprotecttheirpolicyautonomyandstate-leddevelopmentgoalsbyfacilitatingdebtrestructuring,theuseofcapitalcontrols,andamoreequitabledistributionofadjustmentburdensbetweencreditoranddebtorcountries.RecentChineseandLatinAmericaninitiativesechosomeofthesepastideasandcanbeseenaseffortsthatbuild–althoughnotalwaysself-consciously-ontheselocalintellectualtraditionsratherthanjustrespondingtoWesternones.

RandallHenning

C.RandallHenning isProfessorof InternationalEconomicRelationsat theSchool of International Service at American University (since 1995) inWashington,D.C.He specializes in international and comparativepoliticaleconomy, global governance and regional integration. He has focusedrecently on the International Monetary Fund, Europe’s monetary union,regionalfinancialarrangements,fiscalfederalism,andeconomicconflictandcooperation in the Group of Twenty. His previous appointments includeservice as Visiting Fellow at the Peterson Institute for InternationalEconomics. Currently, he is conducting projects on the fragmentation ofglobal financial governance and the interaction among regional andmultilateraleconomicinstitutions.

Dr.Henning’smostrecentbookisTangledGovernance:InternationalRegimeComplexity,theTroika,andtheEuroCrisis(Oxford,2017).Heisalsoauthor,co-authororeditorofGlobalFinancialGovernanceConfrontstheRisingPowers(withAndrewWalter;CIGI,2016),GlobalEconomicsinExtraordinaryTimes(PetersonInstitute,2012), Fiscal Federalism: US History for Architects of Europe’s Fiscal Union (Bruegel, 2012),Governing theWorld’sMoney(Cornell,2002),TransatlanticPerspectivesontheEuro(withPierCarloPadoan;Brookings2000),andCurrenciesandPolitics intheUnitedStates,GermanyandJapan (PetersonInstitute,1994),amongotherbooks. Hehasalsopublishedarticles in InternationalOrganization,Reviewof InternationalPoliticalEconomy,JournalofCommonMarketStudies,GlobalPolicy,andTheWorldEconomy,aswellasanumberofchaptersineditedvolumes.(SeePublicationsforamorecompletelist.)Prof.HenningteachesEconomicPoliciesoftheEuropeanUnion (SIS630), InternationalFinancialRelations(SIS666),InternationalPoliticalEconomy(SIS751andSISU220).HehaswrittenseveralcasesforteachingandhaseditedaseriesofcasesonTransatlanticEconomicRelations.Amongotheractivities,heorganized themacroeconomicand financial teamof theCIGI INETProjectonNewThinking and the New G20, has testified to several congressional committees, and served as the EuropeanCommunity Studies Association Distinguished Scholar, SIS Faculty President and member of the FellowshipSelectionCommitteeoftheGermanMarshallFund.HeisamemberoftheAmericanPoliticalScienceAssociation,InternationalStudiesAssociation,EuropeanUnionStudiesAssociation,CouncilofEuropeanStudiesandBrettonWoodsCommittee.Dr.HenningholdsaB.A.degreefromStanfordUniversity(1978)andM.A.L.D.andPh.D.degreesfromTheFletcherSchoolofLawandDiplomacyatTuftsUniversity(1985).PaperTitle:RegimeComplexityasaFrameworkforAnalyzingComplementarityandCompetitionamongRegionalandMultilateralFinancialInstitutions

International institutions have proliferated within the issue areas of development finance and crisisfinance. International regime complexity offers a useful lens through which to analyze the sources andconsequencesof thesetrends,andtooffernormativeguidelines fororganizingclustersof institutionsas theyemerge.Thispaperhighlightsthepromiseofthisanalyticalapproachtotheunderstandingoftheoriginsofnewinstitutions, which potentially challenge existing global multilateral regimes, and their interaction with theinstitutionsinheritedfromtheinternationaleconomicorderdominatedbytheadvancedeconomies.Drawingon the author’s recent analysis of regime complexity in the financial rescue programs for countries thatsuccumbedtotheeurocrisis,itidentifiesconcepts,findingsandhypothesesthatcanbetestedbyandappliedtootherregions,offeringanumberofpotentiallyfruitfulcases.

ChrisHumphrey

Dr.ChrisHumphreyisaseniorscientistattheSwissFederalInstituteofTechnology(ETH), Center for Development and Cooperation (NADEL), and is a researchassociateattheUniversityofZurichandOverseasDevelopmentInstitute(ODI).Hisresearchfocusesontheevolutionofdevelopmentfinance,andinparticular,thechanging role of multilateral development banks. Apart from research andteaching,Dr.HumphreyregularlyconsultsondevelopmentfinanceissuesfortheAfricanDevelopmentBank,Inter-AmericanDevelopmentBank,NewDevelopmentBank, Inter-Governmental Group of 24, Global Green Growth Institute andCanadian,Swiss,SwedishandBritishgovernments,amongothers.Hepreviouslyworked in operations at the World Bank (2001-2008), and prior to that as a

journalist inMexico City (1995-2000). Dr. Humphrey completed his doctoral studies at the London School ofEconomicsandhasamaster’sdegreefromJohnsHopkinsSchoolofAdvancedInternationalStudies.HecurrentlylivesinZurich,Switzerland.

PaperTitle:“Minilateral”DevelopmentBanks:WhattheRiseofAfrica’sTradeandDevelopmentBank(TDB)SaysAboutMultilateralGovernance

Multilateraldevelopmentbanks(MDBs)areoneofthemostpopularformsofinternationalorganization,withatleast28operatingintheworldtoday.AlthoughtheattentionofmostacademicsandpolicymakershasfocusedontheWorldBankandmajorregionalMDBs,infactmostMDBsarerelativelysmall,andcontrolledbydevelopingasopposedtoindustrializedcountries.Howdoesthedifferinggovernancearrangementsofthese“minilateral”developmentbanks(MnDBs)impacttheiroperations?ThispapertakestheTradeandDevelopmentBank,asmallMDBinAfricawith21countryshareholders,asacasestudytoconsiderthisquestion.Basedonacloseanalysisofitstrackrecordsince2005andinterviewswithmanagementandshareholders,thepaperfindsthatborrower-ledgovernanceleadstosubstantialdisadvantagesintermsofaccesstofinance,duetomistrustbycapitalmarkets.This,inturn,hampersTDB’sabilitytoprovidedevelopmentfinancetoborrowersatreasonableterms.Atthesametime,borrower-ledgovernancepermitsTDBandotherMnDBsmuchgreateroperationalflexibility,whichpartiallycompensates for this financialdisadvantage in termsofprovidinguseful services toborrowers.These findingssuggestthatMnDBshavesubstantiallatentpotential,andinanincreasinglymultipolarworldarelikelytogrowindevelopmentalrelevanceincomingyears.

RohiniKamal

Rohini Kamal is a pre-Doctoral Fellow at GEGI. Her research focuses on the politicaleconomyofclimatechangetouchinguponenvironmentalandeconomicdevelopmentconcernsintheGlobalSouth,withaparticularfocusonAsia.Rohiniwillinvestigatetheenvironmentalanddistributionalimpactsofinvestmentsinenergy,infrastructureandotherdevelopmentprojectsmadebyChineseinstitutionsandotherkeyregional/globalbanksanddevelopmentinstitutions.Priortoherdoctoralstudies,RohinihasworkedatBracDevelopmentInstituteinDhaka,BangladeshondevelopmentandatUrbanClimateChangeResearchNetwork,aprojectunderNASA/GISSandtheEarthInstitute,onusingclimateinformationforurbanpolicy.

PaperTitle:SouthernMultilateralismandDevelopmentFinance:AnAnalysisoftheRepresentativenessandPerformanceoftheDevelopmentBankofLatinAmericaandtheIslamicDevelopmentBank(withRebeccaRay)

Southern-ledmultilateraldevelopmentbanks (MDBs), includingtheDevelopmentBankofLatinAmerica (CAF)andtheIslamicDevelopmentBank(IsDB),havebecomecrucialdriversofinfrastructuregrowthandimportantvenues for the voices of developing countries in shaping regional development priorities. In this paper,weattempt to answer whether these two institutions’ performance has lived up to their original goals ofmaintainingborrowercontroloverbankgovernance–incontrastwiththetraditionalNorthAmericanEuropeandominanceofBretton-Woodsinstitutions–withoutsacrificingthefinancialdynamismnecessarytofinancetheirborrowers’needs,especiallyinthesectorofinfrastructure.

WecalculateBanzhafpower-weightedvotingindicesformemberrepresentationonbankboards,todeterminetheextenttowhichCAFandtheIsDBexhibitmorerepresentativegovernanceapproachesthantheirnorthern-basedcounterparts: the Inter-AmericanDevelopmentBank (IADB)and theWorldBank InternationalBank forReconstruction and Development (IBRD). Secondly, we analyze bank operations to determine whether theirgovernance structure impacts their (i) internalperformance (as reflectedonbalance sheets) and (ii)externalperformance (in their ability to gain relevance in the burgeoning sector of sustainable (climate-resilient)infrastructure.

WilliamN.Kring

WilliamN.KringistheAssistantDirectoroftheGlobalDevelopmentPolicyCenter,auniversity-widecenterhousedattheFrederickS.PardeeSchoolforGlobalStudies.Hepreviouslywas the Assistant Director and Research Fellow at theGlobal EconomicGovernanceInitiative(GEGI).BillisalsoaPhDCandidateatBrownUniversity,wherehisdissertationprojectfocusesontheimplicationsoftheriseofalternativeliquiditymechanismsfortheglobalfinancialorder.BillreceivedaM.A.inPoliticalSciencefromBrownUniversityin2015,wherehewasawardedtheHonorableW.RandolphBurgessFellowshipforthe2013-2014academicyear.HealsoholdsanM.A. in InternationalAffairs(2013)andaB.A.inInternationalRelations(2011)fromtheFrederickS.PardeeSchoolforGlobalStudiesBostonUniversity.

PaperTitle:LeavingtheNest:TheRiseofRegionalFinancialArrangementsandtheFutureofGlobalGovernance(WithWilliamGrimes)

Inthispaper,weexaminetheimpactofregionalfinancialarrangements(RFAs)onthegloballiquidityregime.Weargue that the design of RFAs carries the potential to significantly alter the global regime, whether bystrengtheningitandmakingitmorecoherentorbydecenteringtheIMFanddestabilizingtheregime.Wedeploya‘middle-up’approachthatfocusesontheinstitutionaldesignoftheseRFAs,followingatwo-partanalysis.WefirstdrawontherationaldesignofinstitutionsframeworktoidentifytheinternalcharacteristicsofRFAsthataremostrelevanttotheircapabilitiesandcapacities.WethenapplytheseinsightstotheRFAs’relationswiththeIMF,buildingonAggarwal’s (1998)conceptionof“nested”versus“parallel” institutions tocreateananalytical lensthroughwhichtoassessthenatureandsustainabilityofnestedlinkages.ThroughananalysisoftheChiangMaiInitiativeMultilateralization(CMIM)andtheLatinAmericanReserveFund(FLAR),wedemonstratetheusefulnessof this lens. Our analysis also delineates three circumstances in which fault lines created by these RFAs’institutionaldesigncouldbe‘activated,’permittinganinstitutionto‘leavethenest,’includingchangingintentionsoftheprincipals,creationofparallelcapabilitiesandfacilities,andfailureoftheglobalregimetoaddressregionalneedsinacrisis.

DanielMcDowell

DanielMcDowellisanassistantprofessorofpoliticalscienceattheMaxwellSchoolofCitizenship and Public Affairs of Syracuse University. His research focuses on thepoliticsofinternationalfinance,financialcrises,andtheinternationalmonetarysystemwithanemphasisontheroleoftheUnitedStates,theInternationalMonetaryFund,and the riseofChina in thesearenas.He is theauthorofBrother,CanyouSpareaBillion?TheUnitedStates,theIMF,andtheInternationalLenderofLastResort(OxfordUniversityPress2016).HisworkhasalsoappearedinInternationalStudiesQuarterly,Review of International Organizations, New Political Economy and Journal ofContemporary China. His commentary on the international financial and monetarysystemshasappearedinTheWashingtonPost,ForeignPolicy,WorldPoliticsReview,TheChristianScienceMonitor,andTheWashingtonTimes.

PaperTitle:The(Ineffective)FinancialStatecraftofChina’sBilateralSwapAgreements

Since2008,thePeople’sBankofChina(PBOC)hassignedbilateralswapagreements(BSAs)with35foreigncentralbanks.Collectively,thesedealsmakenearly$500billioninChineserenminbi(RMB)availabletoBeijing’sforeignpartners.Whathas ledChina tobe soaggressive in its efforts to sign these swapagreements?Whatare thepoliticaleconomicimplicationsoftheswapprogramfortheU.S.-centricglobaleconomicorder?China’sBSAscanbeunderstoodasaformoffinancialstatecraft:Theuseofnationalfinancialandmonetarycapabilitiestoachieveforeignpolicyends.ChinahasdeployedBSAsforbothdefensiveandoffensivereasons.Defensively,BeijinghassoughttouseBSAstopromotetradesettlementinRMBtherebyreducingitsvulnerabilitytothedollar’sstructuraldominanceintrade.Yet,asIshow,theyhavebeenineffectiveinthisregard.Offensively,BeijinghasusedBSAsasashort-term liquiditybackstopoutsideof theBrettonWoods institutions forselectpartnercountries inneed.Here,thereisgreaterpotentialforBSAstoimpactthestatusquoeconomicorderbyenhancingChineseeconomicinfluence.However,theirpotentialisdependentonBeijing’swillingnesstoactasaunilateralcrisislenderanditsabilitytofurtherinternationalizetheRMB.

PerryMehrling

Perry Mehrling is Professor of Economics at Barnard College, ColumbiaUniversity,whereheteachescoursesontheeconomicsofmoneyandbanking,thehistory ofmoney and finance, and internationalmoney, the first of theseavailable online atwww.coursera.org/learn/money-banking thanks to supportfrom INET. His most recent book is The New Lombard Street: How the Fedbecamethedealeroflastresort(Princeton2011).Recentpapersandvideoareavailable on hiswebsite perrymehrling.com, “one stop shopping for all things‘moneyview’”.

LectureTitle:FinancializationanditsDiscontents

RebeccaRay

RebeccaRay is a Pre-Doctoral Fellow atGEGI, and a PhD student in economics at theUniversityofMassachusetts–Amherst.SheholdsanMAinInternationalDevelopmentatthe George Washington University. Prior to joining GEGI, she worked as a researchassociateattheCenterforEconomicandPolicyResearch.ShehasconductedacademicfieldworkinEcuador,Nicaragua,andCanada.

PaperTitle:SouthernMultilateralismandDevelopmentFinance:AnAnalysisoftheRepresentativenessandPerformanceoftheDevelopmentBankofLatinAmericaandtheIslamicDevelopmentBank(withRohiniKamal)

Southern-ledmultilateraldevelopmentbanks (MDBs), includingtheDevelopmentBankofLatinAmerica (CAF)andtheIslamicDevelopmentBank(IsDB),havebecomecrucialdriversofinfrastructuregrowthandimportantvenues for the voices of developing countries in shaping regional development priorities. In this paper,weattempt to answer whether these two institutions’ performance has lived up to their original goals ofmaintainingborrowercontroloverbankgovernance–incontrastwiththetraditionalNorthAmericanEuropeandominanceofBretton-Woodsinstitutions–withoutsacrificingthefinancialdynamismnecessarytofinancetheirborrowers’needs,especiallyinthesectorofinfrastructure.

WecalculateBanzhafpower-weightedvotingindicesformemberrepresentationonbankboards,todeterminetheextenttowhichCAFandtheIsDBexhibitmorerepresentativegovernanceapproachesthantheirnorthern-basedcounterparts: the Inter-AmericanDevelopmentBank (IADB)and theWorldBank InternationalBank forReconstruction and Development (IBRD). Secondly, we analyze bank operations to determine whether theirgovernance structure impacts their (i) internalperformance (as reflectedonbalance sheets) and (ii)externalperformance (in their ability to gain relevance in the burgeoning sector of sustainable (climate-resilient)infrastructure.

JazminSierra

JazminSierraisanAssistantProfessorintheDepartmentofPoliticalScienceattheUniversity of Notre Dame. She studies comparative and international politicaleconomywitharegionalfocusinLatinAmerica.Jazmin’sresearchinterestsincludedevelopment finance, global production and innovation, state-business relations,and energy politics. Her research agenda examines the emergence of what sheterms ‘globalized state capitalism,’ a mode of state intervention wherebygovernmentspromotetheoutwardinvestmentsofdomesticfirms.Jazminreceivedfundingforthisproject fromtheSocialScienceResearchCouncil (IDRF-SSRC)andpublished parts of it in Comparative Political Studies and International StudiesQuarterly.SheearnedaPh.DinPoliticalSciencefromBrownUniversityandaB.A.in

InternationalStudiesfromUniversidadTorcuatoDiTella.

PaperTitle:GlobalizedNationalDevelopmentBanks:BetweenNationalMandatesandInternationalPortfolios

Alargelyoverlookedaspectofdevelopmentfinanceistheforeignexpansionofnationaldevelopmentbanks.Thismanuscript seeks to address this gap in the literaturebyproviding a conceptual framework that allowsus to

contrastthe‘globalized’nationaldevelopmentbankwiththetraditionalBrettonWoodsinstitutions.Additionally,itexplorestheconditionsfortheemergenceofglobalizednationaldevelopmentbanksemphasizingtheroleofpolicy-makers ideas regarding outward foreign direct investments and discusses the impact this new formofinternationalorganizationmayhaveontheBrettonWoodssystem.

HongyingWang

HongyingWangisassociateprofessorofpoliticalscienceattheUniversityofWaterlooandseniorfellowattheCenterforInternationalGovernanceInnovationinCanada.ShestudiesChinesepoliticsandforeignpolicyaswellas internationalpoliticaleconomy.Shehaswrittenmany journalarticlesandpolicypapers in theseareas. Her currentresearchfocusesontheroleofemergingpowers,includingChina,inglobaleconomicgovernance. Shehasrecentlyco-editedEntertheDragon:China inthe InternationalFinancialSystem(2015).

PaperTitle:TwoBanksandaSplitPersonality:NDB,theAIIBandChina

TheNewDevelopmentBank(NDB)andtheAsianInfrastructureInvestmentBank(AIIB)aretwonewlycreatedmultilateraldevelopmentbanks(MDBs)thathaveattractedworld-wideattention.Manyobserversseethemasmanifestationsoftherisingpoweroftheemergingeconomies–especiallyChina–andaspotentialchallengersofthetraditionalMDBs.Thispapertakesamorenuancedviewofthetwobanks.Itshowsthatthesenewfinancialinstitutionsarenotasrevolutionaryastheyhavebeenportrayed.Italsoshowsthatcontrarytowidelysharedimpressions,theNDBandtheAIIBarequitedifferentfromeachother.Infact,theyreflectcharacteristicsoftwodistinctive traditions of MDBs – the mainstream tradition of MDBs dominated by donor countries and thealternativetraditionofMDBscontrolledbyborrowercountries.China’sprominentroleinthesetwobanksreflectsitsambiguousidentityvis-à-vistheexistinginternationaleconomicorder–asapart-insiderandpart-outsider.