Innovative Financing For Development: A Deus Ex Machina For Funding Post-2015 Development Agenda?

Abstract

In this paper we critically analyze the reasons to implement innovative mechanisms \nfor international development finance, and the most relevant innovative \ninstruments applied by the moment. We also show how, in the international \nfinancing for development (IFfD) system, innovative financing is just another \nlink in the chain and not a magic solution for solving all IFfD problems. Thus, \ninnovative financing should be analysed in connection with the system’s other \nbasic elements, such as traditional financing instruments and the structure and \nfunctioning of the international economic and financial system through which \nthese resources flow. Hence, a systemic approach to international financing for \ndevelopment (SAIFfD) is needed. The main conclusion is that, although current \ninnovative instruments should be welcome, there is a need to accelerate the \nlaunch of new innovative mechanisms and to develop some important accompanying \nmeasures basically related to both the reform of traditional instruments \nof IFfD and the international financial architecture.

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