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Commercial finance for development: A back door for financialisation

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Commercial finance for development: A back door for financialisation. / Karwowski, Ewa.

In: Review of African Political Economy, 17.05.2021.

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@article{66df6b8ed63f498792e48275bc9c603e,
title = "Commercial finance for development: A back door for financialisation",
abstract = "The global COVID-19 pandemic has accelerated a trend underway for the last decade: the enlistment of private-sector commercial finance for development. This finance can be brought in through (1) regular cross-border flows, (2) blended finance, and (3) impact bonds. This briefing argues that intensified foreign financial inflows are likely to draw African economies further into financialization, which increases financial instability and can undermine the democratic process, jeopardizing just socio-economic development. Specifically, the short-termism of portfolio flows requires costly reserve accumulation; FDI exposes firms to demands for shareholder value generation; and external debt introduces exchange rate risk for domestic borrowers. ",
author = "Ewa Karwowski",
year = "2021",
month = may,
day = "17",
doi = "10.1080/03056244.2021.1912722",
language = "English",
journal = "Review of African Political Economy",
issn = "0305-6244",
publisher = "Taylor & Francis",

}

RIS

TY - JOUR

T1 - Commercial finance for development: A back door for financialisation

AU - Karwowski, Ewa

PY - 2021/5/17

Y1 - 2021/5/17

N2 - The global COVID-19 pandemic has accelerated a trend underway for the last decade: the enlistment of private-sector commercial finance for development. This finance can be brought in through (1) regular cross-border flows, (2) blended finance, and (3) impact bonds. This briefing argues that intensified foreign financial inflows are likely to draw African economies further into financialization, which increases financial instability and can undermine the democratic process, jeopardizing just socio-economic development. Specifically, the short-termism of portfolio flows requires costly reserve accumulation; FDI exposes firms to demands for shareholder value generation; and external debt introduces exchange rate risk for domestic borrowers.

AB - The global COVID-19 pandemic has accelerated a trend underway for the last decade: the enlistment of private-sector commercial finance for development. This finance can be brought in through (1) regular cross-border flows, (2) blended finance, and (3) impact bonds. This briefing argues that intensified foreign financial inflows are likely to draw African economies further into financialization, which increases financial instability and can undermine the democratic process, jeopardizing just socio-economic development. Specifically, the short-termism of portfolio flows requires costly reserve accumulation; FDI exposes firms to demands for shareholder value generation; and external debt introduces exchange rate risk for domestic borrowers.

U2 - 10.1080/03056244.2021.1912722

DO - 10.1080/03056244.2021.1912722

M3 - Article

JO - Review of African Political Economy

JF - Review of African Political Economy

SN - 0305-6244

ER -