Judith Tyson

In this paper post-crisis trends in private capital flows to developing countries are discussed, focusing on the poorest and most vulnerable low income countries (“LICs”). It argues that post-crisis trends in flows to LICs, whilst relatively small in absolute terms and relative to GNP, are positive. In particular, FDI has expanded steadily and portfolio flows, which fell to negligible levels during the crisis, recovered in 2013 with strong sovereign bond issuances for selected LICs.

The paper considers the experience of the European Investment Bank and addresses policy lessons for developing countries as they seek finance for development. The paper argues that the key lesson for developing countries is that the traditional role of a development bank in closing market gaps in long-term, low-cost and stable infrastructure lending and in anticyclical financing remains relevant for developing countries but needs to be directed towards new goals. The paper also proposes that an optimal structure is a regionally owned development bank, as this would allow critical advantages of regional ownership, control and responsiveness.

1 THE EUROPEAN INVESTMENT BANK’S ROLE IN REGIONAL INTEGRATION AND DEVELOPMENT Since its very beginning, European integration was accompanied by the creation of major financial mechanisms. Such mechanisms, and the resulting loans and transfers, were seen as both an economic and a political condition for making economic integration effective and equitable. In this chapter we will focus on the vehicle for these financial mechanisms, the European Investment Bank Group (EIB), which is by far the biggest development bank in the world. We will analyse its main features, functions and evolution, and consider possible lessons for Latin American development banks, including specifically Brazil, as well as considering the creation of a regional development bank for Latin America and the Caribbean (LAC) owned by countries from the region. We will place this discussion in the broader context of a new vision for a development strategy for Latin America.

Rwanda’s business environment has improved as the government has streamlined business registration processes, with the Rwanda Development Board a one-stop shop for investment registration. This progress is reflected in the country’s improvement in the World Bank’s Doing Business rankings, from 143rd in 2009 to 56th in 2017. Greater transparency and accountability are also reflected in Rwanda’s low level of corruption, which is deemed to be below both Sub-Saharan African and global averages by the World Bank Enterprise Survey.

The paper considers the experience of the European Investment Bank and addresses policy lessons for developing countries as they seek finance for development. The paper argues that the key lesson for developing countries is that the traditional role of a development bank in closing market gaps in long-term, low-cost and stable infrastructure lending and in anticyclical financing remains relevant for developing countries but needs to be directed towards new goals. The paper also proposes that an optimal structure is a regionally owned development bank, as this would allow critical advantages of regional ownership, control and responsiveness.

This research paper has focused on global cross-border trends in private capital flows, along with reviewing trends in trade, international reserves, external debt, remittances and ODA. The paper covers the general period between 1980 and 2013. Within private capital flows, it investigates FDI, Portfolio Flows and Financial Flows (net bank lending) and analyses the trends of these three flows over four periods: 1980-1990, 1991-2002, 2003-2007 and 2008-2013. It finds that during 2003-2007 there was a sharp upswing in cross-border private capital flows, coinciding with the general rise of the forces of financialization. This intensifying trend culminated in the global financial crisis in 2008. As a result, during the last period, 2008-2013, there was a sharp contraction in portfolio flows and financial flows. Among developing regions, Developing Asia fared the best during this period. However, Middle-Income Countries (MICs) were, in general, the hardest hit by the financial crisis and...

‘One-stop border posts’ (OSBP) are being developed on East African trade corridors to support growth in cross-border trade in the region. This article presents a household survey examining the impact of the OSBP at Busia on the Kenya–Uganda border on the livelihoods of informal traders and workers. It finds positive effects through enhanced access to cross-border trade. However, it also finds negative effects, including reduced work opportunities for unskilled manual workers. Further research is needed into the long-term effects on the price and foreign exchange differentials which currently incentivise the informal trade, before the effects can be fully assessed.

To develop African capital markets and increase financial inclusion, specific interventions have been introduced to better design policies and programmes for capital market development. One important question is how to assess the impacts of these interventions in capital markets, since most of them are implemented at small scale and it is usually very difficult to find an appropriate control group in order to perform a rigorous impact assessment. This paper reviews existing techniques and methods used to evaluate the impact of interventions in general and discusses their application in the financial sector. Most interventions in financial development conducted by development finance institutions were evaluated through the Development Assistance Committee’s five criteria: relevance, effectiveness, efficiency, impact, and sustainability. Recent developments in micro-econometrics allow the use of a variety of impact evaluation methods such as randomised control trials, instrumental var...

A short experimental study was undertaken to investigate methods of developing social skills, in people with severe mental handicaps resident in hospital, which are practical, clinically effective, and result in maximum generalisation. It involved direct care staff using the simple training techniques of instruction and modelling in the natural setting of mealtimes. All the methods proved effective, especially modelling and instruction together, and at follow up some of the gains were maintained. The procedure was practical and cost effective. Differences in level of interaction between individual residents and between residents and staff were observed and the implications are discussed. Using mealtimes for social skills training will aid generalisation and may permanently improve the social environment. It will also provide opportunities to develop and practise all aspects of social skills. Other natural settings suitable for social skills training are suggested.

... Requests for reprints should be sent to Judy A. Tyson, 1616 18th Street, NW, Suite 201, Washington, DC 20009. statements (Graves & Robinson, 1976; Reade & Smouse, 1980). Certain methodological issues raised by these studies must be addressed, how-ever. ...