全球智库信息集成服务系统(G2TT): Financing global development: The role of central banks

G2TT

来源类型	Briefing Papers
规范类型	简报
	Financing global development: The role of central banks
	Dafe, Florence; Ulrich Volz
发表日期	2015
出版年	2015
概述	In many developing and emerging economies, central banks have begun over the past decade to place renewed emphasis on the promotion of economic development and structural transformation, looking beyond narrow mandates for macroeconomic stability.
摘要	The UN Conference on Financing for Development in Addis Ababa in July 2015 will pave the way for the implementation of the post-2015 development agenda. The Briefing Paper series “Financing Global Development“ analyses key financial and non-financial means of implementation for the new Sustainable Development Goals (SDGs) and discusses building blocks of a new framework for development finance. In many developing and emerging economies, central banks have begun over the past decade to place renewed emphasis on the promotion of economic development and structural transformation, looking beyond narrow mandates for macroeconomic stability. Developmental central bank policies have included policies directed at financial sector development, the promotion of financial inclusion and aligning the financial system with sustainable development. This marks a shift from the orthodoxy that has dominated central banking since the 1980s and that has been promoted in developing countries by institutions such as the International Monetary Fund (IMF) and multilateral development banks. The orthodox approach to central banking – according to which central banks should primarily focus on price stability – has been severely undermined by the global financial crisis. It has become clear that central banks also ought to take responsibility for safeguarding financial stability. Moreover, in the aftermath of the crisis, many central banks have adopted unconventional policies to address problems of debt, stagnation and deflation. This has opened up a new discussion on the scope of – and limits to – the mandate of central banks. In practice, many central banks in developing countries nowadays proactively seek to promote sustainable economic development. Specifically, an increasing number of central banks and financial regulators have become active in promoting financial inclusion and in greening financial systems, rendering them important – albeit in international policy discussions often underrated – actors in development financing. Widening the mandate of central banks can help to promote sustainable economic development by improving the framework conditions for financing the post-2015 development agenda. However, a wider mandate undoubtedly complicates matters, as developmental objectives may at times conflict with stability objectives. As central bank mandates widen, it will therefore be important to reform central bank policy frameworks with a view towards addressing the risks arising from a wider central bank mandate. The reform of central bank policy frameworks may help to ensure that central banks promote economic development and stability in a balanced manner, and thus be an important building block of a new framework for development finance.
URL	https://www.die-gdi.de/en/briefing-paper/article/financing-global-development-the-role-of-central-banks/
来源智库	German Development Institute (Germany)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/502231
推荐引用方式 GB/T 7714	Dafe, Florence,Ulrich Volz. Financing global development: The role of central banks. 2015.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
csm_BP_8.2015_62dad1（4KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
BP_8.2015.pdf（1592KB）	智库出版物		限制开放	CC BY-NC-SA	浏览