my @FTAlphaville guest post - @WorldBank's Maximising Finance for Development agenda is constructing a new financial world order with #shadowbanking at its core @KevinPGallagher @AnnPettifor @BJMbraun @ingridharvold @eurodad ftalphaville.ft.com/2018/10/29/154…
post develops at greater lengths ideas of our open letter to #am2018bali , signed by 120 scholars from Global North & South, also addressing questions from @CarterPaddy criticalfinance.org/2018/10/10/the…
I also ask whether the African Development Bank's synthetic securitisation deal deserves the kind of unreserved celebration it has received - what kind of development agenda does it finance @SonyKapoor
and warn that the geopolitical struggle over the Global South will be fought on the terrain of securitisation markets, with little scope for scrutiny and accountability from other developmental actors #MaximisingFinanceForDevelopment.
also noting that @EU_Commission support for synthetic securitisation in Africa is at odds with its own position in the STS process of #CapitalMarketsUnion @ewaldeng
and that @WorldBank together w G20 are pushing for privatisation of public services (to generate cash flows for securitised assets) - with the outcomes that @chakrabortty analysed so well for UK
if you want first hand evidence of challenges created by 'infrastructure as an asset class' project at the core of Maximising Finance for Development, read this on Mexico's attempts to extricate itself from bond-financed airport ft.com/content/9bf3d7…
