Scandinavian Working Papers in Economics

EIJS Working Paper Series,
Stockholm School of Economics, The European Institute of Japanese Studies

No 244: DOES THE ASIAN INFRASTRUCTURE INVESTMENT BANK ADD ANYTHING NEW TO MULTILATERAL FINANCE IN ASIA?

Åsa Malmström Rognes ()
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Åsa Malmström Rognes: Department of Economic History, Uppsala University & The European Institute of Japanese Studies, Postal: Stockholm School of Economics, P.O. Box 6501, S-113 83 Stockholm, Sweden

Abstract: This paper analyses the AIIB; its mandate, resources, governance and how it compares to the other multilateral development banks operating in Asia. When China proposed a new multilateral development bank in Asia devoted to infrastructure, there were numerous questions raised. These included whether there was really a need for another development bank, whether the new bank would have sufficiently high environmental and social safeguards and be as transparent as the existing ones. This examines the AIIB in comparison to the existing multilateral development banks in Asia and in particular the ADB with its emphasis on infrastructure. The paper finds that there is certainly a need for more funding but it isn’t clear that it is best met by another multilateral.

Keywords: Multilateral development banks; infrastructure development; development finance; Asian Infrastructure Investment Bank; Asian Development Bank; China; Japan

JEL-codes: F35; N25; O19

18 pages, December 1, 2017

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