A Role for Compensatory Finance in the 21st Century after the 2008 Global Financial Crisis

Adrian Hewitt
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Adrian Hewitt: Overseas Development Institute

Chapter 10 in Commodities, Governance and Economic Development under Globalization, 2010, pp 249-268 from Palgrave Macmillan

Abstract: Abstract International or inter-regional compensatory finance was briefly a fashionable instrument in the relationship between developed and developing countries in the 1970s and 1980s, during the previous surge in commodity power. But, instead of becoming established as a settled adjustment mechanism with some permanence, either endowed with adequate funding or modelled as a self-financing mechanism in a post-Keynesian world, the schemes (STABEX, the Compensatory Financing Facility (CFF), SYSMIN, COMPEX, FLEX and the CCFF) were used by industrialized countries as a calming mechanism and an antidote to the Common Fund which, at the time, was seen as threatening over-regulation of commodity markets and, eventually, rigid supply management.

Keywords: International Monetary Fund; Commodity Market; Compensatory Finance; Export Earning; International Development Association (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230274020_10

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