This session offers a forum to present scholarship exploring the emerging geographies of finance and development that result from the messy articulation and tensions between these developments across, within, and beyond the Global South. In particular, we welcome contributions exploring:
· The role of hybrid state-capital organizations (strategic investment funds, sovereign wealth funds, ‘marketized’ state-owned companies, development banks) in financing development.
· The increasing role of private financial actors (such as hedge funds, venture capital, investment banks, credit rating agencies, global accountancy firms, financial intermediaries, etc.) in financing development.
· The growing role of financial logics, practices, and instruments in development.
· The protracted and contested re-purposing of ODA, the transformation of traditional DFIs, and new partnerships with private financial actors, and private development actors.
· The discourses, narratives and rationales for the legitimation of finance in development: ‘patient capital’, blended finance, social impact, green bonds, etc. ‘doing well while doing good’
· The role of aid and other forms of state support in the opening of new circuits of financial investments in emerging markets, frontier markets, and peripheral spaces of global finance, and in ‘de-risking’ private financial investment.
· Tensions between national and geopolitical interests, and the expansion of finance and market development.
The organisers will also be inviting representatives from outside academia (e.g. think tanks; DFIs; financial services) as panel discussants who are engaged with financing for development.
Please submit paper abstracts (max. 250 words) to Ilias Alami (firstname.lastname@example.org) no later than 22 October 2018. Specific questions regarding the session can be addressed to any of the organizers.
Organizers: Ilias Alami (Maastricht University), Adam Dixon (Maastricht University), and Emma Mawdsley (Cambridge University).
The realm of international development is in a period of turbulent change. Neo-mercantilist and geopolitical considerations are being re-centred in donor strategies, in a context of a rapidly changing development landscape, and the partial fracturing of the North-South axis that historically framed mainstream development imaginaries and interventions. At the same time, a growing number of countries across the income spectrum have established state-sponsored strategic investment funds with a domestic development mandate to co-invest with private partners and other sovereign entities, bringing the tools of modern finance into contemporary industrial policy-making (e.g. India’s National Infrastructure Investment Fund’s USD 1 billion investment agreement with the Abu Dhabi Investment Authority). Conventional development institutions have, for their part, re-centred private sector-led economic growth in their narratives, policies and partnerships, and signalled a move from ‘foreign aid’ to ‘development finance’. The growing buzz has been around drawing in vastly bigger financial resources by using overseas development assistance (ODA) to catalyse and leverage private sector investment on a massive scale. The financing slogan of the Sustainable Development Goals is ‘from billions to trillions’, and is predicated precisely on a world ‘beyond aid’. This deepening and expanding of finance and financial markets in the name of development entails partnerships with actors that were not traditionally involved in development finance, such as hedge funds, venture capital, investment banks, credit rating agencies, global accountancy firms, and financial intermediaries. These trends have occurred at the same time as incredible expansion in financial instruments, practices, and programs targeting individuals, households and small-and-medium enterprises across the Global South, and in the management of land, nature, infrastructure, land and energy.
|Presenter||Ilias Alami*, Maastricht University, Adam Dixon , Maastricht University, Emma Mawdsley , Cambridge University, Unpacking Finance for Development||20||8:00 AM|
|Presenter||Nikodemus Solitander*, Centre for Corporate Responsibility, Cushioning the Gap: The financialization of the development aid sector||20||8:20 AM|
|Presenter||Suhyon Oh*, , Financialization of development aid: analyzing a concept of innovative financing for development||20||8:40 AM|
|Presenter||Julia Maisenbacher*, University of Lausanne, Mobile Money for the unbanked - A historical materialist analysis of the financialisation of remittances in Kenya||20||9:00 AM|
|Presenter||Pon Souvannaseng*, U. of Manchester, Fast Finance: Who Gives a Dam? Hydro-Energy Expansion and Environmental Governance in the Age of Competitive Capital||20||9:20 AM|
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