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Chile and innovative financing for development: making inclusive globalization

Authors

  • Ricardo Ffrench-Davis Muñoz Universidad de Chile
Vol. 48 No. 183 (2016): January-April
https://doi.org/10.5354/0719-3769.2016.39881

Abstract

The present globalization is characterized by a severe volatility of financial flows, with social and economic costs. Since 2004, Chile participated in an international initiative seeking to improve financia globalization and to provide additional financing to fight poverty, contributing to the fulfillment of the commitments of the international community in the Monterrey Consensus for the Financing for Development signed in 2002. This article presents, first, an overview of financial globalization and the Monterrey Consensus. Then follows an analysis of the menu of “innovative financing” proposals and progresses achieved by the Initiative of International Action against Hunger and Poverty of which Chile was co-founder in 2004; the menu seeks to contribute to a more inclusive development and to discourage financial volatility. One proposal already implemented of a progressive levy on air travel tickets and allocation of proceeds to fight AIDS in poor countries is detailed; a brief analysis follows on the emission of special drawing rights by the IMF (DEG, and its partial concretion in 2009 to face the global crisis), a currency/financial transactions tax, and strengthening of fiscal accounts by fighting the tax evasion via the tax havens. It concludes stressing the relevance that North and South countries converge in renewed efforts to correct the course of globalization.

Keywords:

Chile, globalization, financial volatility, Monterrey Consensus, financing for development, inclusion

Author Biography

Ricardo Ffrench-Davis Muñoz, Universidad de Chile

Profesor de Economía de la Universidad de Chile. Representante de la Presidencia de Chile bajo los mandatos de Ricardo Lagos Escobar y Michelle Bachelet, en la Iniciativa de Acción contra el Hambre y la Pobreza, entre 2004 y 2010, y presidente del Comité de Políticas de Desarrollo (CDP) de las Naciones Unidas, entre 2007 y 2009.

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How to Cite
Ffrench-Davis Muñoz, R. (2016). Chile and innovative financing for development: making inclusive globalization. Estudios Internacionales, 48(183), 67–92. https://doi.org/10.5354/0719-3769.2016.39881
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Estudios Internacionales
Instituto de Estudios Internacionales
Universidad de Chile
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