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Some readers might remember that Bill Gates Sr., along with Warren Buffett and other wealthy men, spoke out against the killing of the estate tax during the first Bush Adminsitration. He now has a new book out (Showing Up for Life).
In a huge step forward, this week Liberia slashed its foreign debt by buying back $1.2 billion in commercial debt -- about one-quarter of its foreign debt -- from its private foreign creditors, including banks, hedge funds, and other “distressed debt” investment funds.
To all those concerned about the future of foreign aid, please take the opportunity to read the works included in CGD’s new Innovations in Aid mini-series. The first paper in this series “The End of ODA” is by Jean-Michel Severino and Olivier Ray, and though it was started before the current global financial crisis reached its height, it is more relevant today than ever before. In this paper Severino and Ray describe shifts in the objectives of ODA (official development assistance) over time, and conclude that it is time to reform the concept and rename it “Global Policy Finance”.
Our colleague Arvind Subramanian argues in a Peterson Institute blog post that the biggest achievement of the London Summit may have been just the agreement that the G-20 would meet again. Here’s why I find the Summit cup half-full not as he suggests half-empty.
Leaders from more than 20 major nations announced Thursday (see the Communiqué) that they would make available an additional $1 trillion through the International Monetary Fund and other institutions to help developing countries cope with the global economic crisis.
The outcome of today’s G20 summit has become even more critical for developing countries as the World Bank revised the 2009 forecast for GDP growth in the developing world to 2.1 percent down from 5.8 percent in 2008. But a draft copy of the G20 communiqué published by the Financial Times could go farther in its commitment to help the world’s most vulnerable countries.
Let me speak for the development wing of the Massachusetts Avenue Think Tank Row community in rejoicing at the arrival among us of Kemal Dervis, as vice president and director of the Global Economy and Development program at Brookings, our friends and neighbors across the street.
Five years after Africa was centerstage at a meeting of the G7 heads of state in Gleneagles, it has all but vanished from the priorities of policymakers from the rich and emerging economies. At the G20 Summit in London this week, heads of state will debate new resources for the IMF, in the range of $250 billion. But these resources will likely be deposited in the New Arrangements to Borrow (NAB) facility, which will be far too expensive and out of reach of most African countries.
There’s a lot to like in UN Secretary General Ban Ki-moon’s call yesterday for the heads of heads of state attending the April 2 London Summit to commit to new measures to help developing countries cope with the global economic crisis. According to an interview reported in today’s Financial Times: