Development finance institutions (DFIs), also known as public development banks (PDBs) are public financial institutions initiated and steered by governments with explicit official missions to promote public policy objectives, and public development banks (PDBs) are the main category. DFIs are experiencing a renaissance worldwide, but there is limited academic research examining their roles, operations, and effectiveness. This book attempts to fill this gap by bringing together world-renowned scholars who discuss in detail the economics and the social consequences of both development banks and public banks. Combining together, the chapters in this volume discuss topics from sustainability, development impact of financial instruments, a new development financial architecture, and the interaction with existing international rules like the Basel Accord. This book will be of particular interest to students, scholars, and researchers of development finance, global governance, and international political economy. The chapters in this book were originally published in the Review of Political Economy.

This book explores the evolution of the 30 functioning multilateral development banks (MDBs). MDBs have their roots in the growing system of international finance and multilateral cooperation, with the first recognisable MDB being proposed by Latin America in financial cooperation with the US in the late 1930s. That Inter-American Bank did not eventuate but was a precursor to the World Bank being negotiated at Bretton Woods in 1944. Since then, a complex network of regional, sub-regional, and specialised development banks has progressively emerged across the globe, including two significant recent entrants established by China and the BRICS. MDBs arrange loans, credits, and guarantees for investment in member states, generally with the stated aim of fostering economic growth. They operate in both the Global North and South, though there are more MDBs focusing on emerging and developing states. While the World Bank and some of the larger regional banks have been scrutinised, little attention has been paid to the smaller banks or the overall system. This book provides the first study of all 30 MDBs and it evaluates their interrelationships. It analyses the emergence of the MDBs in relation to geopolitics, development paradigms and debt. It includes sections on each of the banks as well as on how MDBs have approached the key sectors of infrastructure, human development, and climate. This book will be of particular interest to researchers of development finance, global governance, and international political economy.

For a long time the topic of national development banks was limited to a debate between admirers and detractors of these institutions, often inserted into a more general debate of state versus markets. Since the 2007/8 North Atlantic financial crisis however, interest and support for these institutions has broadly increased in both developing and developed countries. Key issues such as understanding how development banks work, what their main aims are, and what their links with the private financial and corporate sector are have come to the forefront, and there is an increased interest in what instruments, incentives, and governance work better in general and in particular contexts. The Future of National Development Banks provides an in-depth study of several key examples of these institutions based in Brazil, Chile, China, Colombia, Germany, Mexico, and Peru. It explores horizontal issues such as their role in innovation and structural change, sustainable infrastructure financing, financial inclusion, and regulatory rules. It provides both research and policy-oriented perspectives on how these banks can make a significant contribution to a countries' development, and analyses their roles within broader economic policy, their governance, and the main instruments they use to perform their function. The Future of National Development Banks has important policy implications for countries that have these institutions and can improve them, and countries that do not have them yet and can learn from best practice.

Public banks are banks located within the public sphere of a state. They are pervasive, with more than 900 institutions worldwide, and powerful, with tens of trillions in assets. Public banks are neither essentially good nor bad. Rather, they are dynamic institutions, made and remade by contentious social forces. As the first single-authored book on public banks, this timely intervention examines how these institutions can confront the crisis of climate finance and catalyse a green and just transition. The author explores six case studies across the globe, demonstrating that public banks have acquired the representative structures, financial capacity, institutional knowledge, collaborative networks, and geographical reach to tackle decarbonisation, definancialisation, and democratisation. These institutions are not without contradictions, torn as they are between contending public and private interests in class-divided society. Ultimately, social forces and struggles shape how and if public banks serve the public good.

This book asks the important question of whether public banks are a better alternative to profit-seeking private banks. Do public banks provide finance for development? Do they serve as stability anchors in financial markets? What kind of governance keeps public banks accountable to the public? Theoretically the book draws on the works of Minsky for the question on stability and on interpretative policy analysis for the issue of governance. It compares empirically three countries with significant public banks: Brazil, Germany, and India.

For a long time the topic of national development banks was limited to a debate between admirers and detractors of these institutions, often inserted into a more general debate of state versus markets. Since the 2007/8 North Atlantic financial crisis however, interest and support for these institutions has broadly increased in both developing and developed countries. Key issues such as understanding how development banks work, what their main aims are, and what their links with the private financial and corporate sector are have come to the forefront, and there is an increased interest in what instruments, incentives, and governance work better in general and in particular contexts. The Future of National Development Banks provides an in-depth study of several key examples of these institutions based in Brazil, Chile, China, Colombia, Germany, Mexico, and Peru. It explores horizontal issues such as their role in innovation and structural change, sustainable infrastructure financing, financial inclusion, and regulatory rules. It provides both research and policy-oriented perspectives on how these banks can make a significant contribution to a countries' development, and analyses their roles within broader economic policy, their governance, and the main instruments they use to perform their function. The Future of National Development Banks has important policy implications for countries that have these institutions and can improve them, and countries that do not have them yet and can learn from best practice.

National development banks (NDBs) have transformed from outdated relics of national industrial policy to central pillars of the European Union's economic project. This book explores why the EU has supported an increased role for NDBs, and how we might understand the dynamics between NDBs and European incentives and constraints.