Post 2015: Global Action for an Inclusive and Sustainable Future

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CHApTER EIgHT Addressing externalities, and therefore seeking to address volatility in commodity markets, is motivated by concerns about food security, which are particularly relevant for commodity importers and exporters. This is an area in which the EU could play a direct and indirect (influential) role in addressing governance failures and shaping the trading and investing environment for LICs post-2015. 166 capital in commodity markets as such, but the externalities involved in the process. addressing these externalities, and therefore seeking to address volatility in commodity markets, is motivated by concerns about food security, which are particularly relevant for commodity importers and exporters. this is an area in which the Eu could play a direct and indirect (influential) role in addressing governance failures and shaping the trading and investing environment for lIcs post-2015. (c) Developing more effective and responsive global shock facilities based on the evidence and discussion presented in this chapter, there is still a strong case for creating more effective global facilities for lIcs at times of balance of payment (bop) crises triggered by sharp movements of commodity prices. nissanke and Kuleshov (2012) discuss several proposals for ways to design efficient, flexible debt contracts that incorporate a contingent clause. these include statecontingent facilities that are tied to debtor’s capacity to pay. the design of incentive-compatible, statecontingent debt contracts would allow sovereign debtors automatic access to contingency financing when they are hit by adverse unforeseen events, and help to overcome many of the limitations of existing Eu policy instruments for dealing with commodity price shocks. the best solution is to prevent such vulnerabilities from emerging in the first place, which means that interventions should be ex-ante rather than ex-post. 8.6.3 Enhancing productive investments (a) Using AfT to address binding constraints there is increasing agreement on the need to ensure that oDa is directed to the productive sectors such as agriculture and manufacturing that will provide the most effective route to accelerating growth and distribution (asante and Fosu, 2012). many developing countries have welcomed the advent of aft as a use of oDa that directly addresses the problems they face in integrating into the world economy. the effectiveness of aft depends on EuropEan rEport on DEvElopmEnt 2013 aid-recipient countries having credible strategies for trade and regional economic integration, which international partners can then support. While aft has helped to improve trade performance in many developing countries, a number of limitations reduce its impact. the design of aft interventions does not always align with the trade-related binding constraints of the recipient country or region. there are coordination failures that inhibit the design and implementation of aft investment programmes (basnett, 2011a), and the feedback loop for drawing lessons is constrained by the design of monitoring and evaluation (m&E) approaches that only loosely connect interventions with desired impacts. aft will remain a valuable way to assist lIcs and lDcs to foster inclusive and sustainable development, provided it focuses on (basnett et al., 2012): • Helping to address the binding constraints to inclusive and sustainable growth; • Seeking to reduce the cost of trading; • Achieving effective coordination between donors and recipients in the design, implementation and evaluation of aft programmes; • Selecting AfT instruments and delivery approaches that can address trade-related constraints at the transnational and regional level; • Designing realistic M&E systems so that the achievement of objectives can be linked to results, based on the collection of baseline data, and drawing lessons that can improve the design of future programmes. Since the Eu is one of the largest aft donors it is well placed to mobilise aft to help lIcs and
lDcs to foster trade growth and achieve structural economic transformation. In 2010, the total volume of contributions from the Eu and its member States accounted for about 40% of global aft flows (basnett, 2012). at the global level, the Eu could also help to focus the aft agenda on reducing the costs of trading and addressing the binding constraints to growth in lIcs. the Eu currently provides more aft to umIcs than to lIcs, and proportionately, it provides less aft to lIcs than do other donors (Stevens, 2012). this needs to change in order to align the Eu’s trade policy in the GSp (to favour lmIcs and lIcs over umIcs) and its positive support to trade (which favours umIcs over lIcs). Given that supply capacity (including infrastructural constraints and a poor policy framework) is a major obstacle to increasing lIc and lDc exports, which cannot be offset by trade preferences, it could be argued that the Eu has it the wrong way around. Greater support to increasing supply capacity in lIcs would reduce the claimed need to increase tariffs on imports from umIcs in order to help poorer states. (b)Investing in inclusive and sustainable development there are significant changes underway in the national and international investment landscape. For example, emerging economies – in particular brIcs – are increasingly large investors as their outward FDI represents about 30% of world FDI flows (unctaD, 2012a). Sovereign wealth funds are increasingly significant investors, and although they still account for only a small share of global FDI they have the resources to assume a greater profile. Stateowned enterprises (SoEs) are also major investors, with their overseas investments accounting for about 11% of global FDI flows (unctaD, 2012b). this proliferation brings new opportunities but also poses new challenges, since it becomes harder to achieve the dual objective of maximising investment inflows while also providing a regulatory environment that ensures that the benefits accrue to society. the significant increase of chinese investment is often in the extractive industries, which typically have large social and environmental externalities. at the same time governments are becoming more active in determining investment policy. Just to provide a few examples, and as reported by unctaD (2012b), they are promoting more investment regulations, encouraging job-creating investments (especially to counteract the effects of the current global economic and financial crises), exploiting investment promotion activities to support the integration of domestic companies into Gvcs, and also favouring the quality rather than the quantity of investment. again, these tendencies underline the difficulties of finding the right balance between promoting and regulating investment. a post-2015 framework should take into account these changes in the investment landscape in order to ensure that investment helps to promote inclusive and sustainable development. to this end it is important: • To encourage investment in LICs and LDCs. the country case studies on nepal and rwanda call for creating tax incentives for investments destined for lIcs and lDcs. the nepal case study argues that a post-2015 framework should also include targets that encourage developed countries and emerging economies to provide incentives (such as subsidised credit or tax breaks) to encourage their enterprises to make development-friendly investments in lDcs. the case study stresses that indicative targets should be at least 2% of FDI flows and at least 1% of all greenfield investments. • To integrate investment policy in development strategy. Investments should be directed to areas that could encourage growth, productivity and structural transformation. this may also help lessen the impact of external shocks. there should also be greater coherence between poSt-2015: Global actIon For an IncluSIvE anD SuStaInablE FuturE There are significant changes underway in the national and international investment landscape. The post-2015 framework should take into account these changes. 167
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EUROPEAN REPORT ON DEVELOPMENT 2013
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MOBILISING EUROPEAN RESEARCH FOR DE
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FOREWORD The development road we ha
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ACknOWlEDgEmEnT The European report
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TAblE OF COnTEnTS ACKNOWLEDGEMENT V
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CHAPTER 9. PEOPLE: LABOUR MIGRATION
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Figure 5.2 Evolution of depth of po
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EITI Extractive Industries transpar
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PSG peace-building and state-buildi
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mainly countries in Europe, north a
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ExEcutivE Summary poSt-2015: Global
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ExECuTIvE SummARy poSt-2015: Global
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poSt-2015: Global actIon For an Inc
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THE DEPLOYMENT OF A BROAD RANGE OF
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introduction poSt-2015: Global actI
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2. The case for global collective a
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upon in order to promote a developm
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to achieve inclusive and sustainabl
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contribute to a global framework fo
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Part i. KEEPing thE PromiSE of thE
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mortality, and clean water and sani
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Table 1.2 Non-income MDGs, 1990-201
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Several regions significantly reduc
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Figure 1.1 Sectoral allocation of b
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of tailored objectives that are ins
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policy discourse. In particular, th
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processes and implementation arrang
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NEPAL RWANDA COTE D’IVOIRE PERU E
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• Nepal after over 200 years as a
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Box 2.3 Côte d’Ivoire’s MDG ac
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Declaration and the mDGs, and were
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drive or obstruct poverty-reduction
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Driven by political survival and co
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oader political processes in which
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incentive structures within which e
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partners: their capacities as donor
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Box 2.9 Fragility - Country case ex
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towards the achievement of the mDGs
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3.2 The EU’s role in advancing th
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at the 2010 mDG Summit, un member s
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adopted by individual governments,
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discussions on pcD are not based on
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Part ii. thE changing contExt for a
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Figure 4.1 Changing global power 20
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crops (ErD, 2012). at the same time
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egimes, and donor-driven aid condit
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for an Eu position to be agreed ahe
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of people living in extreme income
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the mDGs needs to concentrate on th
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deprivation, whether directly or th
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has been declining since the early
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vulnerability (ErD 2012). this repo
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a set of global development goals i
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need to focus on eradicating existi
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27.5 25 22.5 20 17.5 15 12.5 10 7.5
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105 100 90 80 70 60 50 40 30 20 10
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due to the so-called arab Spring in
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moreover, migration policy can shap
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the Eu and 9% for the uSa. these sh
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accumulation patterns (from 35% of
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Table 6.1 Poverty projections expec
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6.3.1 Atmosphere and global warming
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supports ecosystem services that pr
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about 70% (mainly led by china, Ind
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scarcity leads to high and volatile
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ECONOMY DEMOGRAPHY ENVIRONMENT NEUT
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Part iii. drivErS of thE global Par
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Current USD Billions Current USD Bi
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global financial crisis has reduced
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lmIcs and lIcs (oEcD, 2011b). Figur
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Box 7.1 Efforts to increase tax rev
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Page 155 and 156: India (de Jesus, 2012). there has b
Page 157 and 158: levels of formal education. third,
Page 159 and 160: While the mobilisation of funds fro
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Page 163 and 164: Box 7.5 The toolbox of innovative f
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Page 171 and 172: Box 7.8 Implications for post-2015
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Page 175 and 176: PREDICTABILITY ALLOCATIVE EFFICIENC
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Page 181 and 182: Box 8.1 Joining the flying geese Ka
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Page 187 and 188: 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Sou
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Page 213 and 214: Macro-economic impact International
Page 215 and 216: Social impact and psychological wel
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Page 223 and 224: date, four mobility partnerships ha
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Page 229 and 230: 9.5.2 Mode IV in the WTO the Wto’
Page 231 and 232: 9.6.2 What a post-2015 framework sh
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Page 241 and 242: 10.3.1 Poverty eradication as part
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for consultative processes to take
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e added later. Equally it would be
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- such as their size and geographic
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(com, 2011). the aid-effectiveness
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Box 10.5 Areas for EU support: Reco
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there will need to be a continuing
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unrISD (2010) Combating Poverty and
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moore, m. (2011) ‘The Governance
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Chapter 4 birdsall, n. (2012) ‘Th
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Kharas, H. and rogerson, a. (2012)
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Kharas, H. and rogerson, a. (2012)
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cobham, a. (2012) ‘tax Havens and
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lall, r. (2011) ‘reforming Global
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unDp (2012) ‘What Is South-South
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Fine, b. (2009) ‘neoliberalism in
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Sindzingre, a. (2009) ‘The impact
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chanda, r. (2004) Movement and Pres
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Kouadio, E.K., ouattara, Y. and Sou
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un-InStraW and SaIIa (2007) Gender,
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Winters, a. and martins, p. (2004)
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Goals and Targets (from the Millenn
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Goals and Targets (from the Millenn
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conflict assessment, which also del
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the case study report suggests that
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in rwanda compared to an average of
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large educated class. Immigration w
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administration, with greater autono
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example, in low increases in tax ef
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AnnEx 3 - CORE pRInCIplES FOR InvES
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MOBILISING EUROPEAN RESEARCH FOR DE
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Post 2015: Global Action for an Inclusive and Sustainable Future

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