Developing Countries and the Global Financial System

image of Developing Countries and the Global Financial System

This book presents the main papers and principal discussion points of a conference held in June 2000, organised jointly by the Commonwealth Secretariat, the World Bank and the IMF. The key aim was to provide policy-makers from developing countries with a forum in which to express their views on a new design of international financial architecture more appropriate to the needs of the twenty-first century. Two related themes were the examination of the critical role of the IME and the World Bank in promoting growth and development and whether international standards and regulatory bodies operate in such a way that they help rather than hinder development of the financial system. This book looks at how these and other issues relating to the global financial system impact on the developing world.



The World Bank in a ‘Globalising' World

For almost a decade there has been pressure on both the World Bank and the community of nations that support the institution to change in a significant way the structure and mission of the Bank. It is argued that the World Bank has outgrown its original mandate of (a) becoming an intermediary between a capital-starved developing world and international financial markets, and (b) providing technical assistance, management and finance for implementing large infrastructure projects without which - according to thinking on development at the time the Bank was established - economic growth would not occur.


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