Akgünay, Sinan
Through the 20th century, the post-Bretton Woods multilateral framework, namely the ideas associated with this multilateral framework and the World Bank, as the key organization of the multilateral framework, has shaped the practices, norms, and rules of development finance. Meanwhile, development finance has been the primary resource for the financing of infrastructure development in developing countries. Today development finance architecture is transforming. On the one hand, with crisis episodes the developing and less developed countries are in greater need for development finance. On the other hand, there are increasing number of actors which provide development finance. Among others, China stands out as a major actor. From a multilateral perspective, China has initiated the establishment of the Asian Infrastructure Investment Bank, a Chinese-led multilateral development bank which aims to improve economic and social development in Asia. China has also become a primary bilateral lender which provides development finance. It is the right time to rethink how the norms, rules and practices of development finance are shaped, and what development finance implies for the developing world. This thesis contributes to the efforts in understanding China's impact on the traditional framework of multilateralism, the governance architecture of development finance and how Chinese development finance is perceived in this architecture in comparison to the World Bank. It finally argues that China's role in the traditional multilateral development finance architecture can best be defined as multilateralism with Chinese characteristics, as exemplified by the Belt and Road Initiative bridging Chinese multilateralism and bilateralism.
Citation Formats
S. Akgünay, “DEVELOPMENT FINANCE: MULTILATERALISM WITH CHINESE CHARACTERISTICS,” Ph.D. - Doctoral Program, Middle East Technical University, 2023.