Search

Begin New Search Topic Economics Author Jakob Vestergaard

1. The West must allow a power shift in international organizations

Author:
Jakob Vestergaard and Robert Hunter Wade
Publication Date:
12-2013
Content Type:
Policy Brief
Institution:
Danish Institute for International Studies
Abstract:
More than three years after the International Monetary Fund (IMF)'s governing body agreed to reform the organization's governance so as to better reflect the increasing economic weight of dynamic emerging market economies in the world economy, only microscopic changes have been made. Emerging market and developing countries (EMDCs) have become increasingly frustrated with Western states for clinging to their inherited power, in the IMF and other important international economic governance organizations. The emerging cooperation among the BRICS (Brazil, Russia, India, China, South Africa) – as seen in the advanced-stage negotiations to establish a Development Bank and a Contingent Reserve Arrangement – sends a “wake up and smell the coffee” call to the West, and the latter will carry a heavy responsibility for eroding global multilateral governance if it continues to drag its heels on the needed adjustments.
Topic:
Development, Economics, Emerging Markets, International Monetary Fund, Governance, and Reform
Political Geography:
Russia, China, India, South Africa, and Brazil

2. The World Bank and the Emerging World Order Adjusting to multipolarity at the second decimal point

Author:
Jakob Vestergaard
Publication Date:
04-2011
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
The voice reform process originated in the Monterrey Consensus, which was articulated at the United Nations International Conference on Financing for Development held in Monterrey on 22 March 2002. For several years after the Monterrey Consensus, progress in deliberations on voice reform in the governing bodies of the World Bank was modest. But the global economic crisis raised the urgency of reforming the Bretton Woods institutions in the eyes of most countries and the creation of a G20 Leaders Forum gave further impetus to the voice reform process.
Topic:
Economics, Globalization, International Cooperation, International Affairs, and World Bank
Political Geography:
United Nations

3. Combating illicit financial flows from poor countries. Estimating the possible gains

Author:
Jakob Vestergaard and Martin Højland
Publication Date:
11-2009
Content Type:
Policy Brief
Institution:
Danish Institute for International Studies
Abstract:
If the UN Millennium Development Goals are to be reached by 2015, development aid needs to be tripled – which is most unlikely. Instead, countries should unite in a concerted multilateral effort to combat illicit financial flows: for every dollar poor countries receive in development assistance, more than eight dollars are illegally transferred back to rich countries, most of it in order avoid local taxation. Effectively combating these illicit financial flows would generate more financial resources for development than foreign aid is likely to ever do – and help build a sustainable tax base in developing countries for the benefit of future development efforts.
Topic:
Corruption, Crime, and Economics
Political Geography:
United States, United Kingdom, Europe, London, Belgium, Switzerland, Ireland, and Luxembourg