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Developing countries are susceptible to many kinds of risks—from liquidity shocks and terms of trade volatility to natural disasters. The economic crisis is a reminder that dealing with external risks is a formidable challenge to economic development. The crisis, largely a product of the rich world, is taking a heavy toll on developing nations, which are looking again to multilateral institutions for support. As the demand for traditional loans grows once again, Guillermo Perry’s book Beyond Lending is a timely reminder that multilateral development banks should move beyond lending to provide innovative risk-management tools for developing countries to manage volatility in pursuit of sustained growth.
On Thursday, May 21, 2009, Center for Global Development hosted the book launch of Beyond Lending: How Multilateral Banks Can Help Developing Countries Manage Volatility featuring author Guillermo Perry Associate Researcher, Fedesarrollo, and Non-Resident Fellow, Center for Global Development.
Nancy Lee, Deputy Assistant Secretary, Western Hemisphere, U.S. Treasury Department;Santiago Levy, Vice President for Sectors and Knowledge, Inter-American Development Bank; and Arvind SubramanianJoint Senior Fellow, Center for Global Development and Peter G. Peterson Institute for International Economics served as discussants. Nancy BirdsallPresident, Center for Global Development, moderated the discussion.