E N S W - United Nations Development Programme

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Figure 2.6 Emerging market economies have amassed large foreign exchange reserves since 1995 China Japan United States Russian Federation Saudi Arabia India Korea, Rep. Brazil Switzerland Hong Kong, China (SAR) Singapore Germany Thailand Algeria France Italy Mexico Malaysia Libya Indonesia Note: Includes holdings of gold. Source: World Bank 2012a. 0 500 1,000 1,500 2,000 2,500 3,000 Foreign exchange reserves ($ billions) 1995 2010 which are higher than those on North–South trade. 75 In the aftermath of the 1997 Asian financial crisis, several countries of the South developed new monetary arrangements, which are transforming the financial architecture and creating space for countries to craft homegrown policies. The new lending arrangements emphasize pragmatism over ideology and conditionality. In addition, the global financial architecture is being shaped by the rising South’s vast financial reserves. A number of countries, not just Brazil, China and India, but also Indonesia, the Republic of Korea, Malaysia, Mexico, Thailand and others have amassed pools of foreign exchange reserves as self-insurance against future financial downturns and crises (figure 2.6). Between 2000 and the third quarter of 2011, global foreign exchange reserves rose from $1.9 trillion to $10.1 trillion, with a dominant share of the increase accumulated by emerging and developing countries, whose reserves totalled $6.8 trillion. 76 Some of these countries used their reserves to stimulate growth in the aftermath of the 2008 global financial crisis. In a reversal of roles, these funds have been sought by the International Monetary Fund for assistance with the financial crisis in Europe. Developing countries with large reserve holdings generally transfer part of these to sovereign wealth funds. According to data by the Sovereign Wealth Fund Institute, these funds had an estimated $4.3 trillion in assets at the end of 2010, with $3.5 trillion held by developing and emerging economies and $800 billion in East Asia alone. 77 As of March 2011, developing and emerging economies held 41 sovereign wealth funds, 10 with assets of $100–$627 billion. Large foreign exchange reserves and sovereign wealth funds are not the most efficient insurance against financial shocks. This unprecedented accumulation of foreign exchange has opportunity costs both for the countries holding the reserves and for other developing countries. 78 The resources could be deployed in more productive ways to support the provision of public goods, to provide capital to projects that enhance productive capacities and economic and human development and 58 | HUMAN DevELOPMENT REPORT 2013
to promote regional and subregional financial stability by increasing the resource pools of regional institutions. Overall, the rise of the South is infusing new patterns of resource accumulation into the global financial system and building a denser, multilayered and more heterogeneous financial architecture for the South. These arrangements sometimes substitute for the Bretton Woods institutions, but in most cases, the emerging institutions and arrangements complement the global financial architecture. The changing financial landscape in the South has the potential to promote financial stability and resilience, support the development of long-run productive capacities, advance aims consistent with human development and expand national policy space. Moreover, emerging economies are having a transformative effect by pressing the Bretton Woods institutions to respond to concerns about representation, governance principles and the use of conditionalities. The G20 has expanded its participation in such key global financial governance institutions as the Financial Stability Board, tasked with ensuring greater accountability in institutions that set international financial standards. Likewise, all G20 countries, among others, are now represented in the Basel Committee on Banking Supervision and the International Organization of Securities Commissions. The South is also gaining influence in the International Monetary Fund, where China has filled a newly created deputy managing director post and stands to become the third largest shareholder. 79 At the World Bank, the voting power of developing and transition economies rose 3.13 percentage points in 2010, reaching 47.19%. 80 Migration policy Regional organizations such as the Association of Southeast Asian Nations, the African Union and the Common Market of the South have added migration to their agendas. Some of this activity is through regional consultations, which are informal, nonbinding processes dedicated to finding common ground among countries. Many of these processes are interregional and straddle origin and destination regions in ways intended to enable capacity building, technical standardization and agreements on issues such as readmissions. They have lowered barriers to communication and provided a venue for countries to come together, understand each other’s perspectives and identify common solutions. These dialogues can be credited with paving the way for subsequent successful efforts on migration, most ambitiously the Berne Initiative 2001–2005, the 2006 High Level Dialogue on Migration and Development hosted by the UN General Assembly and the subsequent creation of the Global Forum on Migration and Development. 81 As the 2009 Human Development Report recommended, such efforts could improve outcomes for migrants and destination communities by liberalizing and simplifying channels that allow people to seek work abroad, ensuring basic rights for migrants, reducing transaction costs associated with migration, enabling benefits from internal mobility and making mobility an integral part of national development strategies. 82 Environmental protection The UN Conference on Sustainable Development in Rio de Janeiro demonstrated the promise of regional arrangements, as governments from the South showed how they are coming together to manage the resources they share. One initiative, negotiated by governments from the Asia–Pacific region, will protect the Coral Triangle, the world’s richest coral reef that stretches from Malaysia and Indonesia to the Solomon Islands and provides food and livelihoods to more than 100 million people. In the Congo River Basin, countries are working together against the illegal timber trade to conserve the world’s second largest rainforest. 83 At Rio+20, a group of regional development banks announced a $175 billion initiative to promote public transportation and bicycle lanes in some of the world’s largest cities. 84 The rise of the South is also reflected in an array of bilateral arrangements to tackle climate change. With climate-related natural disasters and rising sea levels threatening to undermine human development progress, With climate-related natural disasters and rising sea levels threatening to undermine human development progress, countries recognize that they have little choice but to formulate policies on adapting to climate change now and mitigating climate change for the future Chapter 2 A more global South | 59
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W N S E Human Development Report 20
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Human Development Report 2013 The R
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Human Development Report 2013 Team
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Finally, the Report also calls for
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Musa, Thangaval Palanivel, Anuradha
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3.6 India’s Supreme Court issues
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Overview One of the most heartening
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Human Development Report also stres
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sudden opening but of gradual and s
Page 19 and 20: two scenarios for 2010-2050: a base
Page 21 and 22: messages and demands challenge gove
Page 23 and 24: Introduction When developed economi
Page 25 and 26: leading economies—Brazil, China a
Page 27 and 28: comparable access to information, e
Page 29 and 30: mobile phones: cellular banking is
Page 32 and 33: “The political problem of mankind
Page 34 and 35: Box 1.1 Fairness, macroeconomics an
Page 36 and 37: Box 1.3 Amartya Sen, Nobel Laureate
Page 38 and 39: Figure 1.1 Income per capita is ris
Page 40 and 41: Box 1.4 Subjective indicators of we
Page 42 and 43: Figure 1.4 There is notable variati
Page 44 and 45: Figure 1.6 Most regions show declin
Page 46 and 47: Progress in human development achie
Page 48 and 49: Box 1.7 Social competencies: human
Page 50 and 51: Table 1.3 Inequality and satisfacti
Page 52 and 53: Not all countries have the precondi
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Page 56 and 57: Box 2.1 The South’s integration w
Page 58 and 59: Figure 2.1 As a share of world merc
Page 60 and 61: Box 2.2 Acquisitions by the South o
Page 62 and 63: Figure 2.3 Between 2000 and 2010, I
Page 64 and 65: Figure 2.4 Export earnings per capi
Page 66 and 67: Box 2.6 Final assembly is about mor
Page 68 and 69: Instead of having a centre of indus
Page 72 and 73: developing countries trade more amo
Page 74 and 75: “We cannot expect that all nation
Page 76 and 77: Table 3.1 Selected developing count
Page 78 and 79: A common feature of countries that
Page 80 and 81: More important than getting prices
Page 82 and 83: Box 3.5 Eastern Europe and Central
Page 84 and 85: states have to be conscious that th
Page 86 and 87: As countries develop, they tend to
Page 88 and 89: Having weathered the Asian financia
Page 90 and 91: providing public services that cont
Page 92 and 93: Advancing health requires more than
Page 94 and 95: Universal public health and educati
Page 96 and 97: • China. The Minimum Livelihood G
Page 98 and 99: “Each generation will reap what t
Page 100 and 101: concerns will make for a complex en
Page 102 and 103: A greater emphasis on education can
Page 104 and 105: Figure 4.1 Under the fast track sce
Page 106 and 107: Around the world people are calling
Page 108 and 109: Figure 4.4 Different environmental
Page 110 and 111: Figure 4.5 Education policies can a
Page 112 and 113: Box 4.2 China and Ghana: who benefi
Page 114 and 115: Figure 4.8 countries thus converge
Page 116 and 117: “Let us join hands to try to crea
Page 118 and 119: Areas of global international conce
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Addressing climate change requires
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International governance is increas
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Box 5.2 Jo Leinen, Member of the Eu
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facilitates reserve investments and
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esponsible sovereignty takes the lo
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Figure 5.1 Under the accelerated pr
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Good policymaking requires greater
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a fair and less unequal world requi
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Notes Overview 1 Atsmon and others
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25 Blinder 2006. 26 UNIDO 2009. 27
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which is 61.7 deaths per 1,000 live
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References Abdurazakov, A., A. Mins
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urban_world_cities_and_the_rise_of_
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Kamau, P., D. McCormick, and N. Pin
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Labor Administration. Geneva: Inter
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Statistical acknowledgements The Re
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Key to HDI countries and ranks, 201
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Statistical references ADB (Asian D
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Core features of the model pertinen
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Countries and HDI ranks in 2012 and
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E N S W - United Nations Development Programme

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