tailieunhanh - Development Banks - Role and Mechanisms to Increase their Efficiency

By studying Darwin’s finches and East African cichlids, scientists can get clues that help them understand much older, much bigger adaptive radiations. One of the biggest was the early rise of animals. This period of animal evolution is sometimes nicknamed “the Cambrian explosion.” Unfortunately, that name gives the impression that all the modern groups of animals popped into existence 540 million years ago at the dawn of the Cambrian period. Animals evolved from protozoans, which left fossils over a bil- lion years before the Cambrian. Some 630 million years ago, one group of living animals—sponges—was already leaving behind biomarkers. By 555 million years ago, fossils belonging to some living. | Public Disclosure Authorized Public Disclosure Authorized WPS5729 Policy Research Working Paper 5729 Development Banks Role and Mechanisms to Increase their Efficiency Eva Gutierrez Heinz P Rudolph Theodore Homa Enrique Blanco Beneit The World Bank Latin America and the Caribbean Region Finance and Private Sector Development July 2011 Policy Research Working Paper 5729 Abstract Past performance of development banks has generally been considered poor and the value of state ownership questioned. There are few institutions that achieve the optimum balance of effectively addressing a policy objective while being financially sustainable. Following the financial crisis there is a renewed interest in the role development banks can play in weathering the crisis. The purpose of this paper is to highlight the lessons learned following the financial crisis and to present some of the best practices in development banking so that policy makers can be better informed should they be considering how to build strong state financial institutions to address current and future needs in their respective countries. This paper is a product of the Finance and Private Sector Development Latin America and the Caribbean Region. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http . The author may be contacted at egutierrez2@. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings interpretations and conclusions expressed in this paper are entirely those of the authors. They do not necessarily .