国家开发性银行的未来

The Future of National Development Banks

全球金融危机爆发之后,越来越多的人认识到国家开发性银行在促进多边、区域和国家开发性金融方面都发挥着重要作用。本文将首先探讨以混合经济推动开发性金融发展的理论背景,其中的原因包括私营金融市场的重大和普遍性失灵以及新兴领域和业务活动的融资需求,这也是推进结构转型和实现有活力、可持续、包容性增长的关键所在。之后,本文将以间接资料和直接研究为依据,对全球国家开发性银行的主要特点展开实证分析。这些特点包括此类银行贷款的期限较长,以及用于支持生产性活动的资产占比较高。然后,本文将深入分析国家开发性银行的主要职能。国家开发性银行在发展过程中至少发挥了五大作用:(1)提供逆周期贷款,应对私人资本的顺周期性行为;(2)促进创新和结构转型,鉴于其中的不确定性民间金融不愿单独提供充足资金;(3)提高金融包容性,尤其是农业领域,但又不仅仅局限于该领域;(4)支持投资基础设施建设;(5)支持公共产品供应,尤其是要支持应对气候变化。国家开发性银行还能够或应该在其他方面发挥作用,这包括帮助发展和完善金融市场、促进创业、推动国内企业走向国际。本文为深入研究中国、德国、巴西、哥伦比亚、墨西哥、智利、秘鲁七国的国家开发性银行提供了分析框架。

In the wake of the global financial crisis,there is growing consensus that national development banks play a valuable role in development finance,at multilateral,regional and national level.This paper looks first at the theoretical background justifying a mixed economy approach to development finance,including due to major and pervasive market failures in private financial markets,and the need to help fund new sectors and activities,as part of the process of structural transformation,essential for dynamic,sustainable and inclusive growth.The paper then describes empirically and analyses the key features of national development banks world-wide,based both on secondary sources,as well as original primary research;key features include the long-term maturity at which these banks lend,as well as the high proportion of their assets,which are dedicated to fund productive activities.The paper then analyzes in depth the main functions which national development banks perform.National development banks play at least five crucial roles in the development process:(i)counteracting the pro-cyclical behavior of private financing,by providing counter-cyclical lending;(ii)promoting innovation and structural transformation,which often implies uncertainty,which inhibits private finance,on its own,funding at sufficient scale;(iii)enhancing financial inclusion,especially-but not only in the agriculture sector;(iv)supporting infrastructure investment;and(v)supporting the provision of public goods,and particularly combatting climate change.There are other roles that NDBs could or should play.These include helping develop and deepen financial markets,promote entrepreneurship,and promote internationalization of national firms.This paper provides the analytical framework for the in-depth study of national development banks in seven countries:China,Germany,Brazil,Colombia,Mexico,Chile and Peru.