Greening the Recovery in Time of Debt Distress A global debt crisis is looming. Even before COVID-19 swept the world, the International Monetary Fund deemed global public debt burden a high risk for the majority of developing countries – noting that half of the lower-income countries were ‘at high risk of or already in debt […]
For many developing countries, inward foreign direct investment (FDI) fills the local financial gap in the power sector and helps fuel the economy. In the 1980s, China suffered from severe power shortages, as state investment alone could not meet soaring demand for electricity. The government later removed its regulatory barriers and restructured feed-in-tariff schemes to […]
Multilateral financial institutions have pledged to do whatever it takes to enable emerging market and developing countries to fill a $2.5 trillion financing gap to combat COVID-19 and subsequent economic crises. In a new journal article published in World Development, Kevin P. Gallagher, William N. Kring, Thomas Stubbs, Christina Laskaridis and Alexander Kentikelenis compile datasets […]
Global power generation must rapidly decarbonize by mid-century to meet the goal of stabilizing global warming below 2 degrees Celsius. To meet this objective, multilateral development banks (MDBs) have gradually reduced fossil fuel and increased renewable energy financing. Meanwhile, globally active national development finance institutions (DFIs) from Japan and South Korea have continued to finance […]
The COVID-19 pandemic came as an unprecedented shock to the world economy and many countries had to quickly resort to aid from the International Monetary Fund (IMF). The central banks and finance ministries of most advanced economies swiftly advanced swap lines, domestic liquidity support, and expansionary fiscal measures to shore up dollar markets and provide […]
By Daniel Gay and Kevin P. Gallagher CDP Policy Review No. 10. August 27, 2020. Daniel Gay, an independent consultant working with the United Nations Committee for Development Policy (CDP), and Kevin P. Gallagher, Director of the Global Development Policy Center at Boston University, recently published a policy brief discussing the challenges and risks Bangladesh […]
The Global Development Policy Center at BU and the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) hosted on August 18, 2020, a webinar entitled, “Collective Action Clauses in Motion: Lessons and Challenges for Covid-19 Era Sovereign Debt Restructurings.” The event featured a panel of renowned international legal and economic experts who […]
There is a renewed global push to mobilize resources to meet glaring global infrastructure gaps, the Sustainable Development Goals, the Paris Climate Agreement commitments and generally improve standards of living. A core component of such resource mobilization will be the generation of domestic resources through taxation. Whereas tariffs form a miniscule share of public revenue […]
In a new book published by the Asian Development Bank titled “Building the Future of Quality Infrastructure,” GDP Center Director Kevin P. Gallagher contributed two chapters on policy and institutional framework for delivering on sustainable infrastructure and on sustainable infrastructure to secure the natural capital of the Amazon. The book is published through a collaboration […]
GDP Center Director Kevin P. Gallagher is a member of INSPIRE’s research community and leads the working group on Banking Supervision and Sustainable Development in The Americas.