Guide Finance & Development, March 2005

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We believe that good governance, accountability and transparency are crucial to releasing the benefits of the debt cancellation. We commit to ensure this is reaffirmed in future bilateral and multilateral assistance to these countries. Global Policy Forum distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.

If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner. Global Policy Forum. HM Treasury June 11, 1. We reaffirm our view that in order to make progress on social and economic development, it is essential that developing countries put in place the policies for economic growth, sustainable development and poverty reduction: sound, accountable and transparent institutions and policies; macroeconomic stability; the increased fiscal transparency essential to tackle corruption, boost private sector development, and attract investment; a credible legal framework; and the elimination of impediments to private investment, both domestic and foreign.

For IDA and AfDF debt, per cent stock cancellation will be delivered by relieving post-Completion Point HIPCs that are on track with their programmes of repayment obligations and adjusting their gross assistance flows by the amount forgiven. Donors would provide additional contributions to IDA and AfDF, based on agreed burden shares, to offset dollar for dollar the foregone principal and interest repayments of the debt cancelled.

For the period after this, donors will commit to cover the full costs for the duration of the cancelled loans, by making contributions additional to regular replenishments of IDA and AfDF. The costs of fully covering IMF debt stock relief, without undermining the Fund's financing capacity, should be met by the use of existing IMF resources.

In situations where other existing and projected debt relief obligations cannot be met from the use of existing IMF resources e. Somalia, Liberia, and Sudan , donors commit to provide the extra resources necessary. We will invite voluntary contributions, including from the oil-producing states, to a new trust fund to support poor countries facing commodity price and other exogenous shocks. We will provide on a fair burden share basis resources to cover difficult-to-forecast costs, in excess of existing resources, to the IMF, IDA and AfDF over the next three years.

We are also committed, on a fair burden share basis, to cover the costs of countries that may enter the HIPC process based on their end debt burdens. We will also seek equivalent contributions from other donors to ensure all costs are covered and we will not jeopardize the ability of these institutions to meet their obligations. Utilize appropriate grant financing as agreed to ensure that countries do not immediately re-accumulate unsustainable external debts, and are eased into new borrowing.

The World Economic Crisis.

Cambridge Judge Business School: Law, Finance & Development

Poverty and Development. The Millennium Development Goals. Global Taxes. This suggests that a 'one size fits all' approach to corporate governance reforms, stressing elements of British and American practice - the role of independent boards and the market for corporate control - may not be working as intended, in particular in civilian systems. On the other hand, we have some evidence that a strengthening of shareholder rights has a positive impact on stock market growth, and changes to the law of secured credit may be assisting banking development in emerging markets.

In the area of labour law, we find little or no evidence to support the claim that deregulation leads to superior economic outcomes. On the contrary, at least for civilian systems, we find that the strengthening of dismissal protection has positive impacts on productivity growth, and that working time reforms may help to foster employment growth. In the US, a strengthening of dismissal laws led to higher productivity growth but reduced employment growth. Our case studies confirm the view that there is no single best model for the laws governing the business enterprise. We show how the reception of Anglo-American norms in civilian and developing systems has often been incomplete and with unanticipated effects.

There has been convergence of form, but not of function. Political structures have greater explanatory power than legal origin in accounting for the nature of legal change, but there is also a need to understand the role that institutional forces play in shaping and changing the preferences of interest groups. The project was completed in It produced over thirty significant publications and the findings were extensively disseminated to researchers and policy makers.

The datasets we created are already being used by the wider research community and we will extend them in future work.

The project was given a grade of 'outstanding' in an ESRC assessment in and one of the principal project outputs, 'How do legal rules evolve? Evidence from a cross-country comparison of shareholder, creditor and worker protection' by Armour, Deakin, Lele and Siems was awarded the ECGI Allen and Overy prize for legal research on corporate governance in Ahlering, B. Arestis, P. Armour, J. EU legislation versus regulatory competition' 58 Current Legal Problems Evidence from a cross-national comparison of shareholder, creditor and worker protection' American Journal of Comparative Law, Buchanan, J.

Cankar, N.

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Deakin, S. Lele, P. Schnyder, G. Schouten, M. Siems, M. Sarkar, P. Singh, A. Singh, Ajit, Glen, J. Skeel, Jr. Skeel, Jr. Grant ed.

Finance & Development

Armour J. Whittaker and S. Deakin eds. Zumbansen and C. Williams eds. Deakin S and Singh A 'The stock market, the market for corporate control and the theory of the firm: legal and economic perspectives and implications for public policy', in Par-Olof Bjuggren and Dennis Mueller eds. Touffut ed. Does Corporate Ownership Matter?


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Arun and J. Turner eds. Marjit ed. Cimoli, G. Dosi and J. Stiglitz eds Industrial Policy and Development. Allington and J. Arestis, R. Sobreira and J. Oreiro, eds. Chai, D. The selective impact of legal reform on financial development' working paper, in progress. A focus on shareholder value' presented to workshop at Waseda University, Tokyo, January. Panel data and time series evidence from less developed countries'. Siems, S. Deakin, A. Schnyder, G ? J and Skeel,.