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CGD’s work in this area focuses on strengthening financial systems in development countries through innovation and regulation.
Greater access for the poor to the formal financial system—including payments, savings, credit, and insurance—can greatly improve household stability and development prospects. CGD examines how to strengthen, broaden, and deepen financial systems in developing countries through innovation and regulation. We also study the effects of financial crises, to avoid and mitigate future shocks, and how developing countries can improve their business climates to spur inward investment.
Nigeria has $33 billion in external debt. The government has been trying unsuccessfully for years to cut a deal with creditors to reduce its external obligations but to date has only managed to gain non-concessional restructuring. The major creditors also have good reasons for wanting to seek a resolution, yet agreement has been elusive. Fortunately, there is a brief window of opportunity in 2005 to find a compromise that can meet the needs of both sides. This note briefly outlines a proposal for striking such a deal through a discounted debt buyback.
If Africa’s smallholder farmers are going to lift themselves out of poverty, they need access to formal financial services instead of the unstable, inflexible, informal arrangements that they currently rely on and that keep them poor. Ngozi Okonjo-Iweala and Janeen Madan review the ways in which digital technology is changing how financial services are delivered and made affordable. With the right investments and policies, farmers will be able to access credit, savings accounts, insurance, payment platforms, and other financial products that allow them to invest in their livelihoods without being exposed to exploitation or untenable risks.
A Better Globalization: Legitimacy, Governance, and Reform by Kemal Dervis is a reformist manifesto that argues that gradual institutional change can produce beneficial results if it is driven by an ambitious long-term vision and by a determination to continually widen the limits of the possible.
Women’s economic empowerment is increasingly recognized as critical to achieving development outcomes around the world. Informed by a roundtable discussion at the Center for Global Development (CGD) and additional suggestions from CGD researchers, this four-point memo aims to issue practical proposals for the next US administration, particularly aimed at economically empowering women and girls worldwide, as a building block toward the full realization of broader gender equality and women’s agency and empowerment. The recommendations build on those in CGD’s The White House and the World briefing book, as well as the CGD policy memo “A US Law or Executive Order to Combat Gender Apartheid in Discriminatory Countries” and ongoing work at CGD focused on women’s financial inclusion.
The World Trade Organization’s collapsed Doha Round focused on issues of limited significance while the burning issues of the day were not even on the agenda. In this new working paper, CGD senior fellow Arvind Subramanian and co-author Aaditya Mattoo argue for a wider agenda for multilateral cooperation that includes such issues as food, energy, economic security, and the prevention and resolution of future financial crises.