Econ 590B: Special topics: INTERNATIONAL ORGANIZATIONS AND DEVELOPMENT FINANCE
Prof. Kregel (kregel-ny@un.org) and Prof. Wray (wrayr@umkc.edu)
Class meets: Fri 1-3 pm, Sat 9-12 am (See Schedule below), Flarsheim Hall 212
Course Synopsis:
In March of 2002 the United Nations will hold an International Conference on Financing for Development in Monterrey, Mexico with the participation of Heads of State and Government and Ministers of Finance, Foreign Affairs and Trade/Development. The course seeks to provide a multi-disciplinary insight into the reasons that motivate the United Nations’ concern with Economic Development, the analytical approach to development within the UN since its creation, the economic conditions in the 1980s that led to the decision to hold the Conference, the political negotiations within the UN that led to the Agenda for the current Conference and the economic theory used in the preparation for the Conference. It will conclude with a discussion of the role of politics and economic theory in the preparatory phase of the Conference, in negotiations during the Conference and in its final outcome. The course should be of interest to students of development and international economics, as well as politics, history, and international relations.
Evaluation: Students will be expected to prepare three short papers during the semester and one short paper at the end of the Seminar. The first three papers should discuss the subject of the previous class sessions, while the final paper should assess the results of the Monterrey conference in the light of the initial objectives.
Credit hours: Students can sign-up for 1 to 3 credit hours. The workload will be adjusted for those choosing to take fewer than 3 credit hours.
Class meetings: The class will meet during 8 weeks over the course of the semester—approximately every-other week. The class usually meets on Friday afternoon and Saturday morning. Note that for several of the weeks, we will meet on only one of the days. And on January 26 we will hold class in the morning and in the early afternoon. Friday meetings will be 1-3 pm; Saturday meetings will be 9-12 am at Flarsheim Hall 262.
Course Outline:
Session I: January 26:
Topic 1: The Creation of the United Nations
System in the 1940s. The Initial Structure and Division of Labour
Gardner, Part II, Part IV
Topic 2: The Role of Development in the
Objectives of the United Nations
Emmerij, Chapter 1
Topic 3: The Rise of Development Theory
R. Toye, J. Toye, Prebisch,
Topic 4: The Creation of G-77, UNCTAD, the
NIEO
History of UNCTAD, J. Toye, Emmerij, Chapter 1
Session II: February 8-9:
Topic 5: The Golden Age and the Age of Debt
Williamson
Topic 6: The Problem of Negative Net
Resource Flows
Trade and Development Reports, 1986, 1998,
2000, Kregel
Topic 7: The Response in the UN to the Debt
Crisis and Its Aftermath: the shift of power to the Specialised Agencies
Emmerij Chapter 5
Session III: February 22:
Discussion of First Papers
Session IV: March 1-2:
Topic 8: The proposal for A Conference on
Financing for Development: The Operation of the UN
UN Documents
Topic 9: The proposal for A Conference on
Financing for Development: the substantive issues in the Agenda
UN Documents Supplied
Session V: March 22:
Discussion of Second Papers
Session VI: March 29-30:
Topic 10: The Monterrey Conference: the Negotiations and the
Outcome
Readings to be supplied after the completion
of the Conference!!
Session VII: April 5:
Discussion of Third Paper
Session VIII: May 3:
Discussion of draft Term Paper
TERM PAPER DUE DATE: MAY 10
Preliminary Reading List
John Williamson, The Failure of World Monetary Reform, 1971-74, Thomas Nelson, 1977.
The History of UNCTAD, 1964-1984, United Nations, New York, 1985.
Louis Emmerij, Richard Jolly, and Thomas G. Weiss, Ahead of the Curve? UN Ideas and Global Challenges, Indiana University Press, 2001.
Independent Commission on International Development (Brandt Commission), North-South: A Programme for Survival, London, PAN Books, 1980.
Richard N. Gardner, Sterling-Dollar Diplomacy, Oxford University Press, 1956.
Kregel, J.A. "A New Triffin Paradox for the Global Economy" mimeo.
Kregel, J.A. "Capital Flows, Global Banking and Financial Crises in the post-Bretton Woods Era as A Guide to the 21st Century’s Financial Crises" mimeo.
Raul Prebisch, "Commercial Policy in Underdeveloped Countries", AER, May 1959.
Recommendations of the High-level Panel on Financing for Development (Zedillo Panel Report) UN, New York, June, 22, 2000.
Toye, John, "The Early Terms of Trade Controversy," Oxford, private print.
Toye, Richard, "The UN Trade and Development Debates of the 1940's" Private print.
UNCTAD, Trade and Development Report, 1986, 1995, 1998, 1999, 2000, 2001.
Original United Nations Documentation and Resolutions Leading Up to the Financing for Development Conference
A/46/205 20 December 1991
Convening of an International Conference on Financing for Development
A/49/309 12 August 1994
International Conference on Financing for Development
A/50/397 29 September 1995
The sources of finance for development at mid-decade
A/51/291 15 August 1996
Net transfer of resources between developing and developed countries
A/RES/52/179 18 December 1997
Global partnership for development: high-level international intergovernmental consideration on financing for development
A/52/399 8 October 1997
Sources for the financing of development
A/53/228 August 1998
Financing of development, including net transfer of resources between developing countries and developed countries
A/53/398 16 September 1998
Global financial flows and their impact on developing countries: addressing the matter of volatility
A/53/479 9 October 1998
High-level international intergovernmental consideration of financing for development: work of the United Nations system
A/53/470 8 October 1998
High-level international intergovernmental consideration of financing for development: recurring themes and key elements
A/53/479 9 October 1998
High-level international intergovernmental consideration of financing for development: work of the United Nations system
A/RES/53/173 19 January 1999
High-level international intergovernmental consideration of financing for development
Report of theAdHocOpen-ended WorkingGroup of the General Assembly on Financing for Development
Draft resolution recommended by the Preparatory Committee for the High-level
International Intergovernmental Event on Financing for Development at the 5th meeting of its resumed organization session on 31 March 2000
Preparations for the substantive preparatory process and the high-level international event
A/RES/54/196 14 January 2000
High-level international intergovernmental consideration of financing for development
A/54/471 27 October 1999
The financial crisis and its impact on growth and development, especially in the developing countries
A/54/512 27 October 1999
The financial crisis and its impact on growth and development, especially in the developing countries
A/54/512/Add.1 27 October 1999
The financial crisis and its impact on growth and development, especially in the developing countries
A/RES/55/2. United Nations Millennium Declaration
A/AC.257/1 31 January 2000
Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development Organizational session Consultations on the potential modalities of the participation of all relevant stakeholders in both the substantive preparatory process and the high-level intergovernmental event on financing for development
A/AC.257/6 23 March 2000
Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development Resumed organizational session, 27-31 March 2000
Consultations of the Bureau of the Preparatory Committee with all relevant stakeholders on the modalities of their participation, including the possibility of creating a joint task force, in both the substantive preparatory process and the high-level international event
Preparation for the substantive preparatory process and the high-level international event
Modalities of the participation of all relevant stakeholders in the substantive preparatory process and the high-level intergovernmental event on financing for development
A/AC.257/12 18 December 2000
Report of the Secretary-General to the Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development
A/AC.257/13 19 December 2000
Report of the Regional Consultative Meeting on Financing for Development in the Asia and Pacific Region, Jakarta, 2 to 5 August 2000
A/AC.257/14 20 January 2001
Report of the Regional Consultative Meeting on Financing for Development in the African Region, and Preparatory Meeting for the Third United Nations Conference on Least Developed Countries, Addis Ababa, 15-17 November 2000
A/AC.257/17 28 December 2000
Report of the Regional Consultation on Financing for Development in the Latin America and the Caribbean Region, Bogotá, 9 and 10 November 2000
A/AC.257/15 21 December 2000
Report of the Regional Consultative Meeting on Financing for Development in the European Region, Geneva, 6 and 7 December 2000
A/AC.257/16 28 December 2000
Report of the Regional Consultation on Financing for Development in the Western Asia Region, Beirut, 23 and 24 November 2000
A/AC.257/18 28 December 2000
Financing for development: hearings with civil society, 6 and 7 November 2000
Summary of panel presentations and discussion
A/AC.257/19 28 December 2000
Financing for development: hearings with the business community, 11 and 12 December 2000
Summary of panel presentations and discussion
Joint statement of the co-chairmen at the conclusion of the second substantive session of the Preparatory committee on financing for development, 23 February 2001
A/RES/55/245 23 April 2001
Preparations for the substantive preparatory process and the International Conference on Financing for Development
A/55/1000 26 June 2001
High-level international intergovernmental consideration of financing for development
Letter dated 25 June 2001 from the Secretary-General to the President of the General Assembly
A/55/28/Add.2, A/55/28/Add.2/corr.1
Report of the Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development
A/AC.257/8 25 May 2000
Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development Resumed organizational session, 30 May 2000
Consultations of the Bureau of the Preparatory Committee with all relevant stakeholders on the modalities of their participation, including the possibility of creating a joint task force, in both the substantive preparatory process and the high-level international event
Preparation for the substantive preparatory process and the high-level international event
A/AC.257/L.2 1 June 2000
Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development Resumed organizational session, 31 May-2 June 2000
Preparation for the substantive preparatory process and the highlevel international event
A/AC.257/L.3 13 October 2000
Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development First session, 31 May-2 June and 30 October 2000
Draft report of the Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development on its organizational, resumed organizational, first and resumed first sessions
Second report of the Bureau of the Preparatory Committee
A/RES/55/186 25 January 2001
Towards a strengthened and stable international financial architecture responsive to the priorities of growth and development, especially in developing countries, and to the promotion of economic and social equity
A/AC.257/L.5 21 February 2001
Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development Second session, 12-23 February 2001
Draft report of the Preparatory Committee for the High-level International Intergovernmental Event on Financing for Development on its second session
Facilitator's Working Paper 17 May 2001
Preparatory Committee for the International Conference on Financing for Development
Third Session (first part) 2-8 May 2001
Third Report of the Bureau of the Preparatory Committee
Joint statement of the co-chairmen issued on 8 may 2001, at the conclusion of the first part of the third session of the preparatory committee for the International conference on financing for development
A/AC.257/26 October 2001
Preparatory Committee for the International Conference On Financing for Development Third Session, 15 to 19 October, 2001
A/AC.257/L.7 2 October 2001
Preparatory Committee for the International Conference on Financing for Development
Resumed third session, 15-19 October 2001
Adoption of the agenda and other organizational matters
Proposed organization of work for the resumed third session of the Preparatory Committee for the International Conference on Financing for Development
A/AC.257/27 October 2001
Preparatory Committee for the International Conference On Financing for Development Third Session, second part, 15-19 October 2001
Review of the inputs to the substantive preparatory process and the International Conference on Financing for Development
Draft Outcome prepared by the Facilitator, September 17, 2001
Second Draft Outcome prepared by the Facilitator, December 6, 2001
Financing for Development, Prepared by the Staffs of the World Bank and the International Monetary Fund, September 18, 2001
Draft text of the Monterrey Consensus, January 19, 2002
Text of the draft Monterrey Consensus, agreed by delegations of the Preparatory Committee at informal consultations, under the chairmanship of the Facilitator, on Sunday morning, 27 January 2002
Official version of the text of the draft Monterrey Consensus, March 1, 2002
Technical Notes 1-10: 1,
2,
3,
4,
5,
6,
7,
8,
9,
10
Unofficial United Nations Drafts: Toward the Monterrey Consensus
Draft outcome prepared by the Facilitator (Unedited version)01/12/2002
Preliminary USG comments of the Draft outcome prepared by the Facilitator 01/16/2002
Belarus' and other proposals to the revised draft outcome 01/17/2002
Draft Text of the Monterry Consensus (Unedited version) 01/19/2002
NGO Counter Daft (Advance unedited version)
Other Draft: 1
Draft
Text of the Monterry Consensus (Unedited version)01/27/2002
The Monterrey Conference (official website)
Briefing Follow-Up on the Monterrey Conference
Briefing Note on the US Proposal to Shift IDA Aid from Concessional interest rate loans to Grants
Briefing Note on the Soros SDR financed Development Trust Fund proposal
Briefing Note on Standstills and Other Crisis Management Measures
Areas
for further progress in intergovernmental negotiation in Monterrey that might emerge
in a Heads of State Declaration at the Closing of the Conference
Other Documents
What the world wants and how to pay for it? 1 2: Annual cost of various global programs for solving the major human need and environmental problems facing humanity
Krueger, New Approaches to Sovereign Debt Restructuring: An Update on Our Thinking
IMF Board Holds Informal Seminar on Sovereign Debt Restructuring
Development Committee Document - DC2002-0008 - Financing for Development- Implementing the Monterrey Consensus
FfD: Op-ed piece
in FT by Stiglitz
