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Moss served as Deputy Assistant Secretary in the Bureau of African Affairs at the U.S. Department of State 2007-2008 while on leave from CGD. Previously, he has been a Lecturer at the London School of Economics (LSE) and worked at the World Bank, the Economist Intelligence Unit (EIU) and the Overseas Development Council. Moss is the author of numerous articles and books, including African Development: Making Sense of the Issues and Actors (2018) and Oil to Cash: Fighting the Resource Curse with Cash Transfers (2015). He holds a PhD from the University of London’s SOAS and a BA from Tufts University.
“An Aid-Institutions Paradox? Aid dependency and state building in sub-Saharan Africa,” with Nicolas van de Walle and Gunilla Pettersson, in William Easterly (ed.) Reinventing Aid, MIT Press, Cambridge, 2008.
“The Ghost of 0.7%: Origins and Relevance of the International Aid Target,” with Michael Clemens, International Journal of Development Issues, Vol. 6, No. 1, 2007.
“Compassionate Conservatives of Conservative Compassionates? US political parties and bilateral foreign assistance to Africa”, with Markus Goldstein, Journal of Development Studies, Vol. 24, No. 1, October 2005.
“Is Africa’s Skepticism of Foreign Capital Justified? Preliminary Evidence from Firm Survey Data in East Africa”, with Vijaya Ramachandran and Manju Kedia Shah, in Magnus Blomstrom, Edward Graham, and Theodore Moran (eds), Does a Foreign Direct Investment Promote Development?, Institute of International Economics, Washington DC, May 2005.
“Irrational Exuberance or Financial Foresight? The Political Logic of Stock Markets in Africa”, in Sam Mensah & Todd Moss (eds), African Emerging Markets: Contemporary Issues, Volume II, African Capital Markets Forum, Accra, 2004.
“Stock Markets in Africa: Emerging Lions or White Elephants?” with Charles Kenny, World Development, Vol. 26, No. 5, May 1998.
“Africa Policy Adrift,” with David Gordon, Mediterranean Quarterly, Vol. 7, No. 3, Summer 1996.
“US Policy and Democratisation in Africa: The Limits of Liberal Universalism,” The Journal of Modern African Studies, Vol. 33, No. 2, June 1995.
On June 5, President Trump announced his intent to nominate Ray Washburne as the President of the Overseas Private Investment Corporation (OPIC) and David Bohigian as Executive Vice President. OPIC, as America’s development finance institution, advances US foreign policy priorities by leveraging debt and insurance to unlock private capital in developing countries.
Are some countries too poor to consume a lot more energy? Or is income growth being held back by a lack of reliable and affordable electricity? While there is a strong relationship between energy consumption and income, the direction of causality is often far less clear. One way to estimate unmet demand may be to try to compare pairs of countries—e.g., how much additional energy does Kenya need to reach the level of Tunisia?
The White House delivered an FY2018 budget request, featuring deep spending reductions, to a less-than-receptive Congress early last week. In a series of blog posts, CGD experts sounded off on the proposed cuts to foreign aid and the philosophy that seems to guide them—including the administration’s plans to shutter the Overseas Private Investment Corporation, continued support for the Millennium Challenge Corporation, and the merits and potential downsides of a proposal to shift some security assistance from grants to loans.
The rise of disruptive technologies is profoundly transforming systems of production and management across sectors and industries, but primarily in wealthy countries. This paper considers how disruptive technologies could help improve power sector reform and development in African markets. In particular, it explores the role that might be played by the Internet of Things, cloud computing, and advanced analytics.
With cuts to foreign aid on the horizon, the United States, now more than ever, needs to sharpen its tools to operate in a constrained budget environment. Key to this approach is a strong development finance institution that can leverage private investment to achieve development outcomes, as well as create opportunity for American companies abroad—all at less than no cost to the US taxpayer.
Many poor countries, especially in Africa, will miss the MDGs by a large margin. But neither African inaction nor a lack of aid will necessarily be the reason. Instead, responsibility for near-certain ‘failure’ lies with the overly-ambitious goals themselves and unrealistic expectations placed on aid. While the MDGs may have galvanized activists and encouraged bigger aid budgets, over-reaching brings risks as well. Promising too much leads to disillusionment and can erode the constituency for long-term engagement with the developing world.
Despite the success of the Heavily Indebted Poor Countries (HIPC) in reducing the debt burdens of low-income countries, at least eleven Sub-Saharan African countries are currently in, or face a high risk of, debt distress. A few of those currently at risk include countries that have been excluded from traditional debt relief frameworks. For countries outside the HIPC process, this paper lays out the (formidable) steps for retroactive HIPC inclusion, concluding with lessons for countries seeking exceptional debt relief treatment.
By 2025, the number of IDA client countries will likely shrink substantially and primarily be smaller in size and overwhelmingly African. This working paper predicts how these changes will impact IDA's operational and financial models and recommends the World Bank begin addressing the implications of these developments sooner rather than later.
A strengthened OPIC—more efficiently deploying existing tools at no additional budget cost—would (1) increase US commercial access in emerging economies, (2) reflect economic, social, and political priorities in developing countries, (3) promote flagship US initiatives during austere budget conditions, and (4) support stability in fragile or frontline states.
Jubilee essays by David Roodman and Ben Leo
Working group report: Preventing Odious Obligations
This year marks the 10th anniversary of 2000 Jubilee debt relief movement, in which religious organizations, development NGOs, and policymakers pressed successfully for deeper, faster debt relief for the world's poorest countries. What did the movement achieve? What pitfalls and policy opportunities lie ahead?
CGD fellow David Roodman discusses the beginning of the Jubilee movement. On Wednesday, September 29, 2010, CGD experts were joined by key actors in the movement to assess the legacy of the Jubilee. The event featured presentations by CGD Senior Fellow David Roodman and Todd Moss. The chair of CGD'd board, Ed Scott, and Minister Counselor Lars Petter Henie of Norway provided opening remarks. The morning and afternoon panels were moderated by CGD's Lawrence MacDonald, vice president of communications and policy outreach, and Nancy Birdsall, CGD's president.
The morning panel focused primarily on the evolution of the Jubilee movement and its growing impact in the last decade. CGD fellow David Roodman explains in his essay The Arc of Jubilee that the Jubilee 2000 movement, which called for the cancellation of the foreign debts of the poorest nations, reached its zenith in the late 1990s and 2000—and then, by design, shut down. In the space of a few years, it became one of the most successful international, non-governmental movements in history.
For complete videos, visit the CGD youtube channel.Jamie Drummond on why the Jubilee movement gained support from both secular and religious institutions.Roodman concludes that nongovernmental groups have shown that they can exercise power by educating members of the public and engaging them in the policymaking process. The success of Jubilee 2000 led directly to creation of new, high-profile NGOs in the 2000’s such as DATA and the ONE Campaign (now merged). It advanced an advocacy style that exploits the power of stars such as Bono; uses media old and new with savvy; strikes a strongly centrist stance (in the U.S. context, bipartisan); and subtly melds secular and religious appeals. In particular, Jubilee progeny unlocked more than $50 billion in U.S. government funding for global health in the 2000s, mainly for HIV/AIDS treatment in Africa. This aid flow dwarfs the new funds generated for debt relief. See David's full speech here, view the handout, or read his full paper here.
Masood Ahmed explains the importance of the process of engaging heavily indebted poor countries in the Jubilee movement.In transition between the morning and afternoon panels Masood Ahmed, director of the Middle East and Central Asia Department at the IMF, offered a first-hand perspective of how international financial institutions are approaching the issue of odious debt and what obstacles remain for the process of debt cancellation. Ahmed explained that in the World Bank there was always the sense that debt relief was a "crazy idea". In fact there was never any concern about where the money for debt relief would come from, but rather people within the World Bank were concerned that these efforts had short-term benefits and long-term consequences.
Speaking to these concerns, Todd Moss followed by arguing that the International Monetary Fund is partially at fault due to its proven systematic overestimates of growth for heavily indebted poor countries. Additionally, even as past debt was relieved, the sustainability of low-income countries' debt was eroded by new, even greater official lending—primarily by IFIs. Between 1989 and 2003, new nominal lending to HIPCs was twice as large as the amount of nominal debt relief provided. In the early 2000s, several donor governments, think tanks, and civil society organizations began to realize that the HIPC Initiative did not provide a lasting solution to the problem of unsustainable debt in poor countries.
Todd Moss outlines some of the crucial elements of the evolution of the Jubilee movement.However, despite sound academic support for debt relief, the reality of instituting any kind of debt cancellation policy for the heavily indebted poor countries still remains grounded in a quagmire of bureaucracy both on the scale of governments and international finance institutions. Some members of the afternoon panel raised doubts about whether there was any statistically significant evidence that debt relief was an effective tool for aid of the heavily indebted poor countries.
Clay Lowery discusses the difficulties of instituting policy changes in the face of governmental bureaucratic gridlock.The panel ultimately offered conflicting assessments of how to proceed with the future of the Jubilee movement. Panelist Seema Jayachandran posited that the status quo had to be changed in order to give poor countries better opportunities to avoid the burden of illegitimate lending. The idea of debt relief in itself can be a powerful tool in spurring economic growth for the HIPCs, but it is by no means a sweeping solution regarding the issue of odious debt.
Another approach, set forth in a recent CGD working group report, is to prevent odious debt from forming in the first place. The report, Preventing Odious Obligations: A New Tool for Protecting Citizens from Illegitimate Regimes, proposes an agreement that could declare that successor governments to a (named) illegitimate regime would not be bound by contracts that the illegitimate regime signs after the declaration. Some rogue investors might operate in defiance of the system, but this new approach would still help free successor governments from concerns about repudiating illegitimate contracts.
On July 7, CGD chief operating officer and senior fellow Todd Moss testified before the Senate Foreign Relations Committee at a hearing titled “An Assessment of US Economic Assistance.” Moss’s remarks emphasized the role development finance in promoting market solutions to poverty and insecurity.