The international financial architecture is misaligned with the goals set out in the UN Sustainable Development Goals and the Paris climate agreement. External financing flows to emerging-market and developing countries (excluding China) need be increasing by at least US$1 trillion annually from...

This paper provides a historical background to contemporary debates on the international monetary system: their genesis, similarities, and differences of problems it has faced at different times. It looks sequentially at the design of the Bretton Woods system; the tensions it faced since the...

This paper examines China and Africa co-operation from the angle of structural transformation as a major driver of growth and job creation. Being a bit ahead in the structural transformation process, China can provide ideas, tacit knowledge, opportunities as well as development finances in...

China's importance as a major donor outside the traditional Western donors has been increasing and this has helped to bridge the funding gaps in developing countries. At the same time, South-South financial assistance still comes with less conditionality making China's aid model different to...

This paper analyses three major problems of the current international monetary system: the asymmetric-adjustment problem, dependence on the monetary policy of the main reserveissuing country, and the large demand for self-insurance by developing countries. It then proposes two reform routes:...

This paper proposes a reformed architecture of the international monetary system based on three pillars. The first is a representative apex organization, which can be understood as a transformation of the G-20 into a representative international institution. The second is the continuous reform...

This paper proposes a comprehensive yet evolutionary reform of the global monetary non-system that evolved out of the breakdown of the original Bretton Woods arrangement in the early 1970s. It includes: (i) a global reserve system that mixes the multi-currency arrangement with an active use of...

I analyse the evolution of the International Monetary Fund tax policy advice in three countries commonly used for tax evasion or avoidance: Panama, Seychelles, and the Netherlands. A review of loan agreements and Country Reports covering 1999 to 2017 highlights the dependence of the Fund’s...

This paper looks at historical and current frameworks to manage macroeconomic linkages among economies. It considers first the evolving nature of global payments imbalances. It then focuses on the mechanisms of macroeconomic dialogue and cooperation put in place at different times to guarantee...

In this paper we update previous work that categorizes foreign aid projects in terms of their likely impact on the natural environment. We then document trends in the global distribution of environmental aid over time and show that environmental aid has increasingly focussed on global...