With rigorous economic research and practical policy solutions, we focus on the issues and institutions that are critical to global development. Explore our core themes and topics to learn more about our work.
In timely and incisive analysis, our experts parse the latest development news and devise practical solutions to new and emerging challenges. Our events convene the top thinkers and doers in global development.
The Department of Treasury supports global development progress as well as US national security and economic interests overseas by promoting strong financial sector stability and governance in developing countries. Through Treasury, the US also exercises leadership in international financial institutions such as the World Bank. CGD’s analysis of Treasury’s work aims to offer evidence-based proposals for reform and improvement.
Not only is the Trump administration supporting a $7.5 billion capital increase for the IBRD (and at that, one that is 50 percent larger than the capital increase supported by the Obama administration in 2010), it has also signed on to a policy framework for the new money that makes a good deal of sense.
In 1944, the United States created a blueprint for economic statecraft that relied heavily on a new class of multilateral institutions to pursue US interests in the world. The blueprint itself is now under serious duress in the “America First” strategy of international engagement of the Trump administration.
Earlier this month the US Treasury’s top international official announced at a congressional hearing that he would like to see the Global Agriculture and Food Security Program (GAFSP) “wound down.” Scratching beneath GAFSP’s surface, there are good reasons to be concerned about the potential loss of this particular trust fund. And for those very reasons, it seems unlikely that the other GAFSP donors will be so quick to follow the US lead.
Domestic revenue mobilization (DRM) seems set to be a priority area for the US Agency for International Development (USAID) under Administrator Mark Green. The challenge has been in tracking US (and other donors’) support for DRM activities. While the data only covers projects in 2015 so far, it contributes to a better understanding of what US aid agencies are doing in the DRM space and where they are working. If the United States is looking to step up assistance in this area, it will be instructive to understand the landscape of current efforts.
At a recent budget hearing, committee chairman Hal Rogers drew Mnuchin’s attention to the fact that the “past due” notices from the World Bank and regional MDBs are now approaching a record $2 billion. Mnuchin acknowledged a problem, expressed some degree of mystification about federal budget accounting, and pledged to get things in order. So what’s all of this about?
For the US Development Policy Initiative’s inaugural Voices of Experienceevent, three former Treasury Under Secretaries for International Affairs took the stage: Tim Adams of the Institute of International Finance, Lael Brainard of the Federal Reserve, and Nathan Sheets of Peterson Institute for International Economics. The conversation, moderated by CGD Board Member Tony Fratto, revealed the “esprit de corps” of the International Affairs team, and covered everything from the central yet oft under-the-radar role the Office of International Affairs plays in the formulation and execution of international economic policy, to each Under Secretaries’ proudest moments.
The early days of this new administration are a critical time for bipartisan exchange among leaders of previous administrations. Please join CGD for a conversation with three former Treasury Under Secretaries for International Affairs who played central roles in the Bush II and Obama administrations’ formulation and execution of international economic policy. The panel will discuss the outlook for the global economy, international structural changes and challenges that have emerged since their time in office, the critical issues that will confront the next Under Secretary for International Affairs, and the nature of the job and lessons learned. We hope you can join us for this stellar panel, as we continue to build understanding of global economic challenges and how the United States, working with others, can best meet them.