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Since the early 1990s, the nations of Latin America and the Caribbean (LAC) have joined other developing countries in an effort to bring the issue of financing for development to the agenda of the United Nations. Although the discussion had begun earlier in the 1980s in the context of the North-South Dialogue, it was not until 1997, when a financial crisis hit many developing countries, that a decision was made to convene an international forum. Today the International Conference on Financing for Development has become the symbol of the beginning of a long and difficult process involving many international actors with relevant roles and interests to protect. Developed nations and developing countries in various regions (Asia, Africa, and Latin America and the Caribbean), the World Bank, the International Monetary Fund, regional financial institutions, and private sector and civil society organizations have perspectives that nurture the debate and contribute toward the effective mobilization of resources for development.
What is the role and what are the sensitivities and perspectives of LAC in regard to financing for development? Financing for Development in Latin America and the Caribbean attempts to provide a comprehensive answer to this question, taking into account the need to prevent external crisis in the future, to reduce the vulnerability of the region, to reform the international financial system, and to minimize the social impact of these factors.
The authors provide a comprehensive view of the regional perspectives on financing for development through an analysis of the investment patterns and capital flows to the region; the role of regional development financial institutions in making capital flows more efficient and equitable; the strengthening of existing mechanisms for the prevention and management of crisis; the impact of external indebtedness on economic and social development; the trends and perspectives of intra- and interregional foreign investment, and the private sector capital flows from investment banks.