The elephants in the room at the annual International Monetary Fund/World Bank meeting in Lima, Peru, were the China-inspired Asian Infrastructure Investment Bank (AIIB) and New Development Bank (or “BRICS Development Bank,” as it was originally called). The reality is that over the next decade, these new institutions will not be huge lenders.
CGD Policy Blogs
I was in Delhi recently for the launch of CGD’s India Initiative.
Congratulations to CGD non-resident fellow Devesh Kapur whose terrific book, Diaspora, Development, and Democracy: The Domestic Impact of International Migration from India (Princeton University Press) has just received the ENMISA Distinguished Book Award from the Ethnicity, Nationalism, and Migration Section of the International Studies Association.
For weeks now, the Indian press has been awash with stories of corruption plaguing the health sector of Uttar Pradesh (UP), the country’s most populous state—one that 190 million Indians call home. This weekend, the New York Times joined the fray with an article that offers a nice précis of the abysmal state of the public health syste
As you are probably tired of hearing me say, I am evaluating microfinance from three perspectives. A pattern is emerging: microsavings looks pretty good in all three perspectives. The one randomized trial of savings returned a positive verdict from the perspective of development-as-proven-poverty-reduction. Meanwhile, fraud-free savings serves people much as credit does, yet without raising debt trap fears---good for development-as-freedom.
Predictably and perhaps appropriately, the flood of remembrances of Robert McNamara is focusing on his role as the architect of the Vietnam War. Yet McNamara was also a transformative president of the World Bank, shaping both that institution and the larger development enterprise in ways that are still felt today. McNamara served for 13 years as World Bank president, almost twice the seven years he previously spent as the U.S. defense secretary (both terms set records for length that have yet to be exceeded).
Should the World Bank pour fewer millions into its impressive in house research work and divert the money thus saved to fund research at policy institutes and universities within developing countries?