POSTCRISIS GROWTH AND DEVELOPMENT Shahrokh Fardoust Yongbeom Kim Claudia Sepúlveda EDITORS POSTCRISIS GROWTH AND DEVELOPMENT POSTCRISIS GROWTH AND DEVELOPMENT A Development Agenda for the G-20 Shahrokh Fardoust Yongbeom Kim Claudia Sepúlveda Editors Papers Presented at the Korea–World Bank High Level Conference on Post-Crisis Growth and Development co-hosted by the Presidential Committee for the G-20 Seoul Summit and the World, Bank, with the support of the Korea Institute for International Economic Policy (KIEP) © 2011 The International Bank for Reconstruction and Development/The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: feedback@worldbank.org All rights reserved 13 12 11 10 This volume is a product of the staff of the International Bank for Reconstruction and Development/ The World Bank The findings, interpretations, and conclusions expressed in this volume not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent The World Bank does not guarantee the accuracy of the data included in this work The maps in this book were produced by the Map Design Unit of The World Bank The boundaries, colors, denominations, and any other information shown on these maps not imply, on the part of The World Bank Group, any judgment on the legal status of any territory, or any endorsement or acceptance of such boundaries Rights and Permissions The material in this publication is copyrighted Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law The International Bank for Reconstruction and Development/The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pubrights@worldbank.org ISBN: 978-0-8213-8518-0 eISBN: 978-0-8213-8523-4 DOI: 10.1596/978-0-8213-8518-0 Library of Congress Cataloging-in-Publication Data has been requested Contents Foreword xv Justin Yifu Lin and Il SaKong Acknowledgments About the Editors and Conference Presenters Abbreviations Postcrisis Growth and Development: A Development Agenda for the G-20: Overview xix xxi xxxiii Shahrokh Fardoust, Yongbeom Kim, and Claudia Sepúlveda Why Development Should Be a Priority Agenda for the G-20 63 Il SaKong Why the G-20 Should Be Interested in the Development of the G-160 67 Ngozi Okonjo-Iweala A Global Economy with Multiple Growth Poles 77 Justin Yifu Lin Comments by Ifzal Ali 106 Comments by Jong-Wha Lee 110 v vi Contents Comments by Tunde Lemo Chair’s Summary by Trevor Manuel 114 116 The G-20 and Global Development 119 Zia Qureshi Comments by Danny Leipziger Comments by Mahmoud Mohieldin 155 Comments by Robert Vos 160 Chair’s Summary by Graeme Wheeler 152 169 Joint Discovery and Upgrading of Comparative Advantage: Lessons from Korea’s Development Experience 173 Wonhyuk Lim Comments by Danny Leipziger Comments by Klaus Rohland 232 Chair’s Summary by Yoon Je Cho 235 Achieving the Millennium Development Goals in the Aftermath of the Global Economic Crisis 239 Keeping the Promise 227 241 Jomo Kwame Sundaram The Millennium Development Goals after the Crisis 253 Delfin Go and Hans Timmer Chair’s Summary by Shahrokh Fardoust 269 Aid for Trade: Building on Progress Today for Tomorrow’s Future 279 Bernard Hoekman and John S Wilson Comments by Arancha González 316 Comments by Alan Winters 321 Chair’s Summary by Ernesto Zedillo 326 Contents Infrastructure and Sustainable Development 329 Marianne Fay and Michael Toman, with Daniel Benitez and Stefan Csordas Comments by Kiyoshi Kodera Comments by Haeryong Kwon 376 Comments by Helen Mountford 373 378 Food Security: The Need for Multilateral Action 383 Christopher Delgado, with Robert Townsend, Iride Ceccacci, Yurie Tanimichi Hoberg, Saswati Bora, Will Martin, Don Mitchell, Don Larson, Kym Anderson and Hassan Zaman Comments by David Nabarro Comments by Cheikh Sourang 429 Comments by Joachim von Braun 433 Chair’s Summary by Hak-Su Kim 10 426 437 Toward Universal Access: Addressing the Global Challenge of Financial Inclusion 439 Peer Stein, Bikki Randhawa and Nina Bilandzic Comments by Alfred Hannig 492 Comments by Yongbeom Kim 495 Chair’s Summary by Princess Máxima of the Netherlands 499 Appendix A Matrix of Proposed Policy Actions: A Development Agenda for the G-20 503 Appendix B G-20 and Non–G-20 Selected Economic and Social Indicators 509 Index 525 vii viii Contents Boxes A Summary of the Roundtable Policy Discussion 3.1 Examples of Knowledge Sharing for Export Development 4.1 Infrastructure Investment Needs in Africa 8.1 Estimating Infrastructure Expenditure Needs 8.2 A Need for Better Data on Public Infrastructure Spending 8.3 Some Suggestions for Reducing the Costs of PPPs 8.4 Opportunities for Increasing Infrastructure Funding 10.1 Mexico: An Example of Development Banks Kick-Starting Financial Services 10.2 G-8 Summit (L’Aquila, July 2009) to 5x5 Declaration 10.3 Case Study: M-Pesa (Kenya) 10.4 Mzansi Accounts 10.5 Lack of Financial Capability in Practice 10.6 Government-Led Initiatives in Data Collection in India 10A.1 Microfinance amid the Financial Crisis 56 102 133 342 346 351 354 456 461 463 466 471 476 482 Maps 10.1 Global Map of the Financially Included 10.2 Recent Examples of Countries Advancing Full Financial Inclusion 447 452 Figures Key Pillars for Policy Action to Achieve Strong, Sustainable, and Balanced Growth Real GDP Growth in Developing and High-Income Countries, 1991–2010 Contributions of Developing and High-Income Countries to World GDP Growth, 1991–2010 Developing and High-Income Countries’ Share of World GDP, 1980–2008 10 538 Index International Monetary Fund–World Bank Financial Sector Assessment Program (FSAP), 158 International Rice Research Institute, 394 International Trade Centre (Geneva), 311n17 International Year of Microcredit (2005), 450 Internet access and agricultural information, 413 intrahousehold distribution of food, 414–15 investment portfolios in emerging markets, 97 irrigation projects, 383, 391, 392, 394, 404, 408–9, 410 J Japan occupation of Korea, 181–82, 183, 220n20 trade flows, comparison of, 206, 207f Japan International Cooperation Agency (JICA), 375 Jefferson, Thomas, 219n9 Jin Nyum, 232 K Kang Jik-sun, 219n15 Karlan, D., 467 Kenya financial data collection, 475 mobile money service (M-Pesa), 454, 463b, 475, 499 private investment in infrastructure, 350 social spending programs, 257 Keynes, John Maynard, 267 Kim Chung-yum, 218n4 Kim, Hak-Su, 46, 437 Kim, Yongbeom, 1, 48–49, 495, 500–501 Klinger, B., 299 knowledge sharing See information and knowledge sharing Kodera, Kiyoshi, 39–40, 373 Korea, Democratic People’s Republic of See also Korean War Park’s focus on, 188 Korea, Republic of as bridge between advanced and developing countries, 65 child savings accounts, 464 comparative advantage of, 23, 187–208, 207f, 216, 222n31 exploitation of latent comparative advantage, 196–97 heavy and chemical industry (HCI), 200–201t, 200–208, 202f, 214, 216, 233 political economy of early 1960s, 187–89, 217 rural development and industrial upgrading, 198–200 technical absorption, assimilation, and innovation, 208–11 transition from inward-looking to export-oriented industrialization, 189–96 upgrading, 197–211 defense spending, 206, 221n26 development of, 5, 22–26, 67–68, 89–90, 173–237, 174f economic crisis recovery, 24, 229 education, 73, 186–87, 186f, 196, 203–5, 204t export-led growth, 22, 23, 165, 174, 175f, 184, 194–96, 197, 199–200, 211, 212t, 215–16, 220n17, 221n24 family-based business (chaebol), 185–86, 219–20n16 financial inclusion, 497 Index First Five-Year Plan (1962–66), 23, 189, 191, 220n18 foreign direct investment, 102b GDP comparative growth, 22, 184, 185t sectoral composition, 173–74, 174f Green New Deal Stimulus Package, 24, 72, 229 G-20 role of, 25, 231 information and knowledge sharing, 101 initial conditions, 179–87 natural endowment and historical context, 179–82 post-1945 chaos and crony capitalism of 1950s, 182–87 Leipziger’s comments on success of, 24–25, 227–31 lessons learned from, 26, 228–30, 235–37 macroeconomic and microeconomic reforms (“Korean model”), 192–96, 192t, 220n19 OECD membership of, 65, 68, 173, 227 Presidential Committee for the G-20 Summit, 63 Rohland’s comments on success of, 25, 232–34 Second Five-Year Plan (1967–71), 23, 198, 221n25 sugar industry, 206 transition to democratic market economy, 211–15, 213f Yoon’s comments on success of, 25, 235–37 Korea Advanced Institute for Science and Technology, 205 Korea Institute for International Economic Policy (KIEP), 3, 63 Korea Institute of Science and Technology, 205 Korea International Trade Association, 195 Korean War, 182–83 Korea Trade Promotion Corporation (KOTRA), 194, 195 Korea–World Bank high-level conference “Postcrisis Growth and Development,” (June 2010), key messages, 51–54 Roundtable Policy Discussion, 55, 56–57b topics selected based on key pillars for policy action, 3, 4f, 30–31 See also development Kwon, Haeryong, 38, 376 L labor force globalization of, 98 working poor access to financial services, 440 composition of, 441f landlocked developing countries, 302–3 Larson, Don, 383 Latin America See also specific countries aid for trade to, 286 flower-growing business, 102b health advances, 259 hunger trends and undernourishment, 385 infrastructure effect of improvements in, 96 fiscal space to spend on, 353 inefficiencies, 345, 368n13 intraregional trade, 84 Lee, Jong-Wha, 17, 98, 112 Lee Myung-Bak, 67 Leipziger, Danny, 20, 24–25, 152, 227 Lemo, Tunde, 17, 114 life expectancy, 14f Lim, Wonhyuk, 5, 23, 173, 232, 235 539 540 Index Lin, Justin Yifu, 5, 15–16, 57b, 77, 106, 112, 116 Lindauer, David L., 175, 218n3 low-income countries See developing countries Lucas, Robert E., 218n7 M macroeconomic policy, 27, 98, 192, 246, 247, 251, 257, 306, 393 malnutrition See food security Mandela, Nelson, 69 Mann, C., 293 Manuel, Trevor, 18, 56b, 116 manufacturing sector capacity utilization rates and, 80–81, 80f industrial policy complementing with social equity, 233 trade, 143, 173–74, 197 Maputo Declaration, 408 Martin, Will, 383 Martinez, M., 289 matched savings accounts (individual development accounts), 464 maternal health, 27, 243 Máxima, Princess of Netherlands, 49–50, 56b, 450, 485n20, 499 MDBs See multilateral development banks MDG Gap Report (United Nations), 244 MDGs See Millennium Development Goals Messerlin, P., 298 Mexico basic no-frill financial accounts, 466 financial inclusion as national goal, 451 government-owned banks, 455, 456b Oportunidades program, 485n14 trade, Microcredit Summit Campaign, 468 Microcredit Summit goals, 441–42 microfinance industry, 478–84 credit information systems and, 458–59 economic crisis and, 481–83, 482b evolution and successes, 478–81, 479t, 486n25 initial public offerings (IPOs) by, 479 overheating of, 470 remittances role of, 464 scaling up and innovations, 483–84 Social Performance Task Force, 472 microinsurance products, 445, 465 Middle East and North Africa hunger trends and undernourishment, 385 Korea’s investment in, 205 staple food subsidies, 416 surplus financial resources of, 162 middle-income countries growth of effect on low-income countries, 89 post-recession, 120–21 G-20 Action Agenda on Aid for Trade and Development proposal for market access reform by, 308 MDGs and, 126, 127f postcrisis trade growth of, 299 poverty levels, 11, 12t reduction, MDG levels, 406 reforms needed to enhance growth, 93 as source of knowledge and FDI, 300, 304 middle-income trap, 22, 25, 60n7 Miguel, E., 391 Millennium Development Goals (MDGs), 5, 26–29, 241–77, 252n2 developing-country G-20 members’ progress, 12, 13f, 123–26, 127f Index domestic reforms and unwavering foreign support, 263–67 economic crisis’s impact on, 2, 26–27, 125–26, 125f, 155–56, 258–63, 270–75, 406 education (MDG 2), 26, 125, 125f, 242–43, 259–60, 259f, 261–62f environmental sustainability (MDG 7), 244, 259f, 263, 339 Fardoust’s summary of progress status, 29, 269–77 financial inclusion and, 450, 450f G-20 contribution to, 27, 52–53, 64, 265, 418 gender equality (MDG 3), 28, 243, 259, 259f, 260, 262f Go and Timmer’s comments on, 5, 26, 27–28, 253 health targets (MDGs 4–6), 26, 241, 243–44, 259–60, 259f child mortality (MDG 4), 125, 125f, 243, 262f hunger reduction (MDG 1), 142, 242, 259f, 260, 387, 406, 418 international partnerships (MDG 8), 244–46 lessons learned, 246–47 poverty reduction (MDG 1), 74, 123–26, 124t, 242, 258–59, 259f, 263, 405, 418 public expenditures needed for, 163, 408 uneven progress on, 27, 28, 241, 242 Mitchell, Don, 383 mobile banking technology, 463, 463b, 475, 499 mobile phone access and commodity pricing, 412 Moghadam, Reza, 56b Mohieldin, Mahmoud, 20–21, 155 Monterrey Consensus on Financing for Development (2002), 166 mortality See child mortality Mountford, Helen, 38–39, 378 M-Pesa, 49 Multilateral Debt Relief Initiative, 266, 373 multilateral development banks (MDBs), 38, 138–40, 139f, 149, 248, 265–66, 280, 311n17, 363, 419 multipolarity See also globalization capital flows to developing countries, 16, 91–92, 91f collaboration options, 94–102 emergence of, 15–16, 21, 83–90, 130–33, 157, 160–62 G-20 and, 16–17, 51, 90–94, 106–9, 120, 166–67 Mzansi accounts (South Africa), 451, 466–67, 466b N Nabarro, David, 43–44, 426 NAFIN (Nacional Financiera, Mexico), 456 National Investment Fund (NIF, Republic of Korea), 201 National Technical Certification Law (Republic of Korea), 203 Nelson, D., 311n15 New Community Movement (Saemaul Undong, Republic of Korea), 198–99, 233 Newfarmer, R., 288, 289 New Structural Economics, 103n7 Niger malnutrition, 406 mobile phone access and commodity pricing, 412 returns on irrigation projects, 408 social spending programs, 257 Nigeria returns on irrigation projects, 408 social spending programs, 257 541 542 Index Nilsson, L., 311n15 North-South, 48, 50, 59, 133, 303 O official development assistance (ODA) See also capital flows to developing countries for agriculture, 41, 394 aid for trade and, 284, 285f, 291 infrastructure and, 279, 353–54 MDB commitments, 18, 138–40, 139f need to increase, 18, 244–45 Okonjo-Iweala, Ngozi N., 4, 14–15, 67, 116 Organisation for Economic Cooperation and Development (OECD) Creditor Reporting System, 306 Development Assistance Committee (DAC), 266, 310n8 on education returns, 170–71 evaluations for trade-related development assistance projects, 292, 309 on financial consolidation, 170 Green Growth Strategy for 2011, 379 green stimulus packages, 379–80 Guidance on Integrating Adaptation to Climate Change into Development Co-operation, 378 Korea’s transition from aid recipient to donor, 65, 68, 173, 227 OECD Environmental Outlook (2008), 379 on official development assistance, 32, 284 24 Principles for Private Sector Participation in Infrastructure, 381 water use management, 381 O Won-chul, 218n4, 220n22 P Pakistan financial capability building, 471b women’s financial access, 475 Paris Declaration (2005), 245, 294, 319, 386, 417 Park Chung Hee, 188, 191–94, 197, 218n4 payment systems and remittances, 460–61, 464–65 performance-based reward system, 179 Peru asparagus farming, 102b matched savings accounts (individual development accounts), 464 pharmaceutical drug prices, 245 Philippines microfinance and women’s empowerment, 467 rice imports, 400 policy coordination, importance of, 232–33 Porter hypothesis, 369n21 Portfolios of the Poor, 445–46 Portugal-Pérez, A., 289, 303 poverty reduction economic crisis increasing poverty, 2–3, 11–12, 64, 156 infrastructure and, 334–36 levels between 1981–2005 (developing countries), 11, 12t MDGs and, 74, 123–26, 124t, 242, 258–59, 259f, 263 Poverty Reduction Strategy Papers (PRSPs), 288 PPI See infrastructure PPPs See public-private partnerships predatory lending, 469 Pritchett, Lant, 175, 218n3 private sector agricultural investment, incentives for, 435–36 Index aid monies from, 266 as “growth pole,” 107–9 G-20 Action Agenda on Aid for Trade and Development proposal, 309, 324 infrastructure investment (PPI), 330, 346–54 See also infrastructure as source of knowledge, capital, and information, 304–5 productivity-enhancing projects, need to invest in, 94 protectionism G-20 commitment to avoid trade protectionism, 19, 78, 112, 145, 265 national fiscal reform and, 19 public good financing of, 20, 141–42 knowledge as, 177–78 public-private partnerships (PPPs) governmental financial institutions entering into, 455 G-20 Action Agenda on Aid for Trade and Development proposal, 308, 324 infrastructure and, 36, 96–97, 157, 351, 351b, 363, 374 innovative financing and, 140 Korea, 193 public goods and programs, 141–42 trade knowledge, capital, and information, 304 Pusell, Garry, 221n28 recession See economic crisis regional cooperation and capacity building, 16, 84, 130, 301–4, 311n19, 322 regional infrastructure projects, 362–63 Reis, J G., 283 remittances costs, 460, 461f financial access of working poor, 445 5x5 remittances goal, 141, 460–61, 461b, 461f, 464–65, 474 Korean migrants to West Germany, 220n21 statistics on, 460 research and development (R&D), 37, 209–11, 210–11f, 217 Reserve Bank of India, 451 reverse linkages, 120 Rhee, Changyong, 57b Rhee, Syngman, 182, 183–84, 185, 187, 189, 197 Rhee, Yung W., 221n28 “Ricardian equivalence,” 92–93, 94 rice production, 40, 206, 393, 393f, 400, 410 Rohland, Klaus, 25, 232 Röller, L-H., 333 Rome Food Summit of 2009, 417, 427 rural development, 198–200, 233, 395, 407, 467 Russian Federation See also BRIC economic growth, 85 G-8 membership, 6–7 infrastructure investment, 347, 349f Q Qureshi, Mohammed Zia, 5, 18, 20, 119, 155, 156, 158, 160, 163, 169 R Raballand, G., 311n18 Rajan, R G., 498n1 Randhawa, Bikki, 5, 46–47, 439 S safety net programs, 415–16, 416f, 436 SaKong, Il, 4, 14–15, 56b, 57b, 63, 116 salmon farming, 102b sanitation goals, 35, 367n9 See also Millennium Development Goals Satyanath, S., 391 543 544 Index savings products, 445, 462, 464 Schur, M., 350 secured transactions systems, 459 Seol Kyung-dong, 219n15 Sepúlveda, Claudia, Sergenti, E., 391 Servén, L., 334, 335, 367n6 services trade, 296, 297f, 321–22, 323 Silva, S J., 311n15 skills development See also vocational training barriers to growth from lack of, 72–74 incomes and macroeconomic growth linked to, 98 SKS (India microfinance institution), 479, 481 slum dwellers financial access of, 445 improving lives of, 244 small and medium enterprises (SMEs), 46–47, 49, 143, 440–41, 442, 447 credit guarantees and, 456, 497 credit information systems and, 458 FIEG subgroup on (SME Finance Challenge), 451 smallholder agricultural development, 413 SMART Campaign, 470, 472 Smith, Adam, 219n8 social exclusion, 246 social protection policies, 246, 257, 436 government social protection transfers, 464–65 Sourang, C M., 44–45, 429, 437 South Africa financial inclusion financial education program for mineworkers, 481 Mzansi accounts (basic no-frill bank accounts), 451, 466–67, 466b as national goal, 451 women’s financial access, 475 private investment in infrastructure, 350 public-private partnerships (PPPs), 157 South Asia agricultural development, 394, 403, 409 aid for trade to, 285 bank and financial institution branches, 446 education and gender parity, 28 private sector investment in infrastructure, 348, 349f women-owned small businesses, 468 South-North, 133 South-South financing and investment, 20, 50, 141 infrastructure investment, 38, 363, 376 trade, 18, 34, 89, 130, 132, 146, 153, 298–301, 301f, 302 sovereign wealth funds (SWFs), 19, 140–41 special drawing rights (SDRs), 164 Specialized Research Institute Promotion Law (Republic of Korea), 206 spillover effects of development, 15 of trade-related programs, 306 Stein, Peer, 5, 46–47, 439, 499 Stiglitz, Joseph E., 177 Stiglitz Commission (2009), 248 stimulus packages, 69, 72, 82 green infrastructure investment, 379–80 infrastructure funding, 355b social rate of return and, 93 Stolen Asset Recovery (StAR), 74 structuralist policies, 90, 103n7 Sub-Saharan Africa cereal yield decline, 403 Index education, 26, 242 gender parity in, 28 food trade, 245 foreign direct investment, 132 growth potential of, 91, 122, 132, 254–55 health advances, 26, 241 hunger trends and undernourishment, 40, 385 infrastructure effect of improvements in, 96 funding gap in, 373–74 growth rate and, 334 poverty reduction, 259, 263, 388, 405, 407 private sector investment in infrastructure, 348, 349f trade shocks, 255–57, 256f sugar industry, 206 Sundaram, Jomo Kwame, 5, 26–27, 29, 56b, 241 sustainable growth, 121–22, 121f, 246 See also green growth Africa and, 17, 114–15 Swaminathan, Monkombu Sambasivan, 437 SWFs See sovereign wealth funds T Taiwan electronic and information technology industries, 102b matched savings accounts (individual development accounts), 464 Tajikistan investment in infrastructure, 73 women’s financial access, 475 taxes agriculture and, 394 cooperation, 251 poverty reduction and, 264 technical education See vocational training Technology Development Promotion Law (Republic of Korea), 205 technology innovation agriculture and, 395, 410–11 comparative advantage, 205, 208–11, 210f export development, 102b financial markets and, 454, 483–84 green technology, 358–60 telecommunications See infrastructure Teravaninthorn, S., 311n18 te Velde, D W., 293 Thailand financial data collection, 475 trade flows, comparison of, 206, 207f Timmer, Hans, 5, 26, 27–28, 29, 253 Toman, Michael, 5, 35, 38, 329, 378 Townsend, Robert, 383 trade See also aid for trade; South-South agricultural, 399–400, 404, 420n4 developing countries and, 9, 10f, 71, 84, 130, 148, 158–59, 283 export specialization and GDP growth, 165, 167f postcrisis share of exports, 16, 300, 300f proposal for duty free and quota free exports, 20, 52, 298, 301, 308, 317–18, 323, 327 trade shocks, 165, 166f, 255–57, 256f discriminatory measures, 145–46, 146f, 156, 265 financial crisis impact on, 143–45, 144f recovery and, 22, 71, 145–46, 165–66, 282–83 foreign direct investment’s relationship with, 303 545 546 Index trade See also aid for trade; South-South (continued) G-20 and agenda for growth, 52 commitment to avoid protectionism, 19, 78, 112, 145, 265 growth acceleration facilitated by, 87, 87f intraregional growth, 84, 130 See also regional cooperation and capacity building Korea See Korea, Republic of, subheading: export-level growth landlocked developing countries’ disadvantage, 302–3 multipolarity and, 91 open trade’s role, 143–48, 165–66 priorities in trade agenda, 117, 146–48 reform developing countries, 71 as engine for growth, 99–100, 111 Tradelink (Hong Kong), 304 TradeNet (Ghana), 412 TradeNet (Singapore), 304 transport and distribution routes, 311n18, 411 See also infrastructure Turkey’s infrastructure investment, 38, 347, 349f, 376 U Uganda cut flowers industry, 294 matched savings accounts (individual development accounts), 464 unemployment levels, 124 UNITAID, 141 United Kingdom child savings accounts, 464 Department for International Development, 321–25 United Nations Centre for Trade Facilitation and Electronic Business, 304 Climate Change Conference (Cancun), 375 Conference on Trade and Development, 311n17 Development Program (UNDP), 288, 311n17 Economic and Social Council, 60n8 financial inclusion committee, 451 on financial outflows, 162 Hunger Task Force, 386 Industrial Development Organization, 311n17 International Year of Microcredit (2005), 450 Korean Reconstruction Agency, 220n17 Least Developed Conference (Turkey 2011), 318 Office on Drugs and Crime on the Stolen Asset Recovery, 74 on population growth, 46, 437 World Economic and Social Survey, 158 United States biofuels, 399, 402 capital flows to developing countries from, 92 food pricing, 399 grain stocks reduction, 395 Korea, relations with, 183, 190–91 returns to investment in infrastructure, 333 subprime crisis, 453, 470 urbanization, effect on agriculture, 403–4 U.S Agency for International Development, 102b U.S Department of Agriculture, 242 Index U.S Homeland Security and Governmental Affairs Committee, 420n3 V Vanzetti, D., 299 vicious circle, 258 virtuous circle, 137, 258 vocational training, 98, 203–5, 204t von Braun, Joachim, 45, 433, 437 von Uexkull, E., 294 Vos, Rob, 21–22, 160 W water access, 367n9, 381, 404 See also Millennium Development Goals (MDGs), subheading: environmental sustainability Waverman, L., 333 welfare See social protection policies Westphal, Larry E., 221n28 Wheeler, Graeme, 22, 169 WHO-UNICEF, 367n9 Wilson, John S., 5, 31, 33–34, 279, 289, 293, 302, 303, 317, 321, 323, 325 Winters, L Alan, 33–34, 321 women See gender equality World Bank Access to Finance surveys, 475 collaboration with China, 141 country assistance strategies (CASs), 286, 288 Doing Business report (September 2009), 474 Enterprise Surveys and Investment Climate Surveys, 447 Financial Access 2009, 474 Financial Access 2010, 474 on financial consolidation, 170 financial crisis, aid during, 68–69, 140, 310n6 on financial inclusion, 171, 476, 497 Global Economic Prospects (2010), 94 Global Express Carriers Association, 318 Global Microinsurance Benchmark Database, 465 governance reforms and, 100 guarantees for developing countries, 140 on human capital’s importance, 98 Independent Evaluation Group, 292–93 Infrastructure Assets and Recovery Platform (INFRA), 354b on infrastructure investment, 38, 170 “knowledge bank” and lessons learned, 101 Korea, support to, 68 Living Standards Measurement Survey, 475 on MDGs, 53 on poverty levels, 64, 68, 242 Public-Private Partnership on Aid for Trade Facilitation, 305, 308 Remittance Prices Worldwide database, 460, 474, 486n23 social spending programs, 257 survey on global financial access, 473, 473f trade-related activities of, 286 voice and quota in, 169 World Development Report 2010, 37, 142, 358 World Customs Organization, 311n17 World Economic Forum’s New Vision for Agriculture, 428 World Food Programme, 242, 435 World Intellectual Property Organization, 311n17 World Trade Organization aid-for-trade review meetings, 280 Aid-for-Trade Task Force, creation of, 310n1 547 548 Index World Trade Organization (continued) middle-income countries and, 165 Ministerial Meeting (Hong Kong 2005), 265, 310n1, 316 threats to openness of, 115 Yi Dynasty (Korea), 180 Yin, W., 467 Yoon Je Cho, 25, 235–37 youth unemployment, 124 Z Y Yara International, 309 Yepes, T., 342b, 366 Zaman, Hassan, 383 Zedillo, Ernesto, 34–35, 56b, 326 Zingales, L., 498n1 ECO-AUDIT Environmental Benefits Statement The World Bank is committed to preserving endangered forests and natural resources The Office of the Publisher has chosen to print Postcrisis Growth and Development on recycled paper with 30 percent postconsumer fiber in accordance with the recommended standards for paper usage set by the Green Press Initiative, a nonprofit program supporting publishers in using fiber that is not sourced from endangered forests For more information, visit www.greenpressinitiative.org Saved: • 17 trees • million BTU’s of total energy • 1,635 lbs CO2 equiv of net greenhouse gases • 7,875 gallons of waste water • 478 pounds of solid waste “During the run-up to the 2010 Seoul G-20 Summit, Korea was remarkably effective in forging a new consensus that development policy issues must be central to the G-20 deliberations Postcrisis Growth and Development identifies these issues and documents a unique moment in international relations when powerful developing countries are taking their rightful place at the table in the planet’s top economic steering group.” NANCY BIRDSALL, President of the Center for Global Development “Postcrisis Growth and Development should be in the hands of every G-20 minister at the Seoul Summit and be a primary source of analytical evidence that development issues are, in fact, globally relevant and must be tackled at the international level if gaps in humankind’s progress are to be closed The focus on non-G20 developing countries is particularly welcome, considering their potential to contribute to global economic growth.” BENNO NDULU, Governor of the Bank of Tanzania “Korea has been an exceptional leader on many fronts, including the ideas behind its extraordinary growth and development over many decades and more recently for its pioneering role in equipping the country for the two industrial revolutions that are currently taking place: in information and communication technology, which is in full swing, and in low-carbon development, which is just beginning Korea has also been a leader in the G-20, especially in the implementation of its Green Growth policy, both for the fiscal stimulus over the last few years and for the medium and long term And Korea has been a champion of the interests of the developing world as a whole Postcrisis Growth and Development clearly conveys why the development of energy-efficient infrastructure in low- and middle-income countries is critical to prevent ‘locking in’ carbon-intensive infrastructure, to manage the huge risks of climate change, and to gain the great benefits of the new green industrial revolution in driving the growth story of the future.” LORD NICHOLAS STERN, IG Patel Professor of Economics and Government, Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics “Developing countries, especially those that are G-20 members, are increasingly contributing to global growth and are helping to sustain postcrisis recovery Postcrisis Growth and Development makes a strong case for incorporating pressing development issues—trade, infrastructure, food security, and financial inclusion—in the G-20’s agenda.” JERE BEHRMAN, W.R Kenan Jr Professor of Economics and Director of the Population Studies Center at the University of Pennsylvania ISBN 978-0-8213-8518-0 SKU 18518 ... rural development, environmental and natural resources management, microfinance, small-scale rural enterprise, and market links He has held positions at the National Development Bank of Senegal and. .. the Korean development experience Multipolar growth and rebalancing Trade and aid for trade A Development Agenda for the G-20 for strong, sustainable, and balanced growth Agriculture and food... summarizing the main action points presented in the sectoral papers (appendix A) and data tables of selected economic and social indicators for both G-20 and non -G-20 countries (appendix B) The G-20: A