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CGD NOTES
November 07, 2022
The assignment is clear. During this year’s Annual Meetings of the IMF and World Bank, shareholders instructed the World Bank to develop a work program for its own evolution (“to identify gaps in the Bank’s current institutional and operational framework…”) by the end of the year. Secretary Yellen l...
Blog Post
November 01, 2022
World Bank loan terms are becoming increasingly attractive as global interest rates soar. This is not because the Bank’s International Bank for Reconstruction and Development (IBRD) loans have gotten cheaper, but because the average emerging market’s (EM) borrowing costs have risen so much more dram...
BRIEFS
October 11, 2022
We are living in a time when many countries face heightened debt vulnerabilities. There is no international bankruptcy mechanism for countries that default on their external obligations. The objective of the international financial architecture—historically overseen by the IMF and its shareholders— ...
Blog Post
September 14, 2022
In March, the World Bank estimated that a dozen developing countries could default on their debt over the next 12 months. The warning signs are everywhere. Investors have pulled $50 billion from emerging-market bond funds this year, and the debt of nearly one-third of these countries is trading at d...
Blog Post
August 18, 2022
Last month, the International Monetary Fund (IMF) Board approved the institution’s first Gender Mainstreaming Strategy. This is good news—and the process used by the IMF gender team to draft and seek feedback on the strategy bodes well for the implementation of this important work. But the proof of...
Blog Post
August 03, 2022
While many small firms closed their doors during the pandemic, surprisingly few larger firms failed. Instead, they survived by cutting costs and forgoing investment, depleting their productive capital in the process. A new report from CGD and the IDB examines the challenges faced by firms during the...
REPORTS
August 03, 2022
This report—the product of a joint working group convened by the Center for Global Development and the Inter-American Development Bank—focuses on firms and labor markets in Latin America and the Caribbean during the COVID-19 crisis and the highly uncertain recovery phase now underway. The ongoing Ru...
Blog Post
July 20, 2022
Policy-based guarantees (PBGs) have long been a multilateral development bank (MDB) instrument in search of a purpose. PBGs—a credit enhancement for sovereign market borrowing—have been around for decades but their uptake has been limited. In most instances, they have proven remarkably effective in ...
CGD NOTES
July 20, 2022
Multilateral development bank policy-based guarantees (PBGs) have long been an instrument in search of demand. First introduced in 1999 at the International Bank for Reconstruction and Development to help governments access market borrowing at attractive rates, their track-record has been uneven, an...