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Among emerging markets, Latin America is the most financially open region in the world: there are few restrictions on international capital flows and in most countries foreign banks dominate the banking system. While countries have benefitted from capital inflows, especially foreign direct investment to finance growth-enhancing projects, the region's financial systems are also very vulnerable to unexpected large reversals of capital flows. In the context of the current deep financial crisis affecting industrial countries and a number of developing countries, dealing with the following issues is central for the stability of Latin American financial markets:
• What are the best policy options for Latin American countries to maintain stability gains achieved in their local financial systems?
• Is there a role for capital controls under current circumstances?
• How might the new industrial country proposals for increasing regulation and government intervention in financial markets affect the stability of financial systems in the region?
• What is the role of the IMF to support financial stability in Latin America?
Participants from the The Latin American Shadow Financial Regulatory Committee (LASFRC) included: Liliana Rojas-Suarez, President, LASFRC; Senior Fellow, Center for Global Development Guillermo Calvo, Former Chief Economist, Inter-American Development Bank Alberto Carrasquilla, Former Minister of Finance, Colombia Pedro Carvalho de Mello, Former Commissioner of Comissão de Valores Mobiliários, Brazil Roque Fernandez, Former Minister of Finance, Argentina Pablo Guidotti, Former Vice-Minister of Finance, Argentina Ernesto Talvi, Former Chief Economist, Central Bank of Uruguay
In outlining his vision for U.S. development assistance, US Agency for International Development (USAID) Administrator Mark Green has emphasized fidelity to an overarching purpose—ending its need to exist. Consistent with this objective, USAID has been developing a new strategic approach that seeks to more systematically orient its programming toward building countries’ capacity to plan, finance, and manage their own development. A key component of this “journey to self-reliance” framework is a set of metrics that will help assess each country’s progress along their journey. The metrics will help inform strategic planning around the nature of USAID’s partnership with the country, shape development dialogue, and help inform thinking about strategic transitions.
Five members of the Zimbabwe Working Group traveled to Harare May 20-25 to meet with the government, opposition leaders, and a wide range of business, religious, and civil society organizations to assess prospects for free and fair elections and for meaningful political and economic reform. Please join us to hear from the delegation as they share their findings and recommendations for US policy.
For over a decade, Boko Haram has waged a campaign of terror across northeastern Nigeria. In 2014, the kidnapping of 276 girls in Chibok shocked the world, giving rise to the #BringBackOurGirls movement. Yet Boko Haram’s campaign of violence against women and girls goes far beyond the Chibok abductions. From its inception, the group has systematically exploited women to advance its aims. Perhaps more disturbing still, some Nigerian women have chosen to become active supporters of the group, even sacrificing their lives as suicide bombers. These events cannot be understood without first acknowledging the long-running marginalization of women in Nigerian society. Having conducted extensive fieldwork throughout the region, Matfess provides a vivid and thought-provoking account of Boko Haram’s impact on the lives of Nigerian women, as well as the wider social and political context that fuels the group’s violence.
In Navigation by Judgment, Dan Honig argues that high-quality implementation of foreign aid programs often requires contextual information that cannot be seen by those in distant headquarters. Tight controls and a focus on reaching pre-set measurable targets often prevent front-line workers from using skill, local knowledge, and creativity to solve problems in ways that maximize the impact of foreign aid.
As part of the G7 meetings, Minister Marie-Claude Bibeau will host a meeting of G7 Development Ministers – the first of its kind since 2010. In preparation for that meeting, Minister Bibeau will join the Center for Global Development to discuss the priorities for this global development summit. In particular, she will discuss the importance of advancing the empowerment of adolescent girls including their central role in eradicating poverty and the need to move towards gender-responsive approaches to humanitarian assistance.