UNCTAD-2019年世界贸易和发展报告：为全球绿色新交易融资（英文）-2020.7-201页_5mb

Summary of the Trade and Development Report 2019: "Financing a Global Green New Deal"

Core Content

The Trade and Development Report 2019 ("Financing a Global Green New Deal") highlights the urgent need for a Global Green New Deal to address the economic, social and environmental challenges facing the world. It critiques the current financialization of the global economy, the failure of the multilateral system to support sustainable development, and the inadequate financing for the Sustainable Development Goals (SDGs). The report argues that public financing must be reinvigorated to ensure inclusive and sustainable growth, especially in developing countries.

Main Views and Key Information

Economic and Social Challenges

• The global financial crisis (GFC) led to austerity, slow productivity growth, and stagnant wages in advanced economies.
• Developing countries have also experienced slower growth, with regional disparities.
• Rising inequality, urbanization, premature deindustrialization, and rural stagnation have intensified the struggle to create good jobs.
• Economic insecurity is growing alongside the threat of environmental breakdown, emphasizing the need for coordinated investment.

Financialization and Its Consequences

• Financialization has shifted the role of finance from a servant to a master of the economy, undermining public investment and social welfare.
• Private capital flows have become a dominant force, often exploiting regulatory gaps and contributing to inequality.
• Debt-dependent growth is unsustainable, with developing countries facing debt distress and increasing reliance on private creditors.

Financing the SDGs

• The financing gap for the SDGs is daunting, requiring an additional $2.5 trillion per year in developing countries alone.
• The multilateral system has failed to provide coordinated financial support and effective coordination is now essential.
• Public financing must be renewed to support the green transition, income redistribution, and sustainable development.

The Role of Public Banking

• Public banking is seen as a key instrument to finance development and promote sustainable growth.
• Central banks, national development banks, and regional development banks can play a crucial role in supporting the green economy.
• Securitization and financial innovation are highlighted as risks to financial stability and inclusive development.

Debt and Development

• Global debt levels have skyrocketed, with developing countries now holding over $67 trillion in debt.
• Debt sustainability is linked to the SDGs, and multilateral action is needed to address the debt-sustainability gap.
• Debt relief and special drawing rights (SDRs) are proposed as tools to support developing countries.
• Regional cooperation and monetary unions are recommended to enhance financial stability and resource mobilization.

Private Capital and Regulation

• Private capital flows are increasing, but regulation is needed to ensure they serve development.
• Capital controls and improved tax policies are suggested to manage these flows and reduce illicit financial flows (IFFs).
• Tax avoidance and digitalization are identified as major revenue loss factors, requiring policy reforms.

Policy Recommendations

• Rebuilding multilateralism around the Global Green New Deal is essential.
• Fiscal expansion, income redistribution, and green investment are key components of the midterm strategy.
• Modern monetary theory (MMT) and endogenous money are presented as alternative frameworks to rethink government roles in economic management.
• International trade and investment agreements must be reformed to support inclusive growth and climate stability.

Conclusion

• Coordination is the key to growth, jobs, and climate stability.
• A Global Green New Deal is needed to rebalance the global economy, address inequality, and promote sustainable development.
• Public financing and reforms in the financial system are critical to achieving the SDGs and creating a more just and sustainable global economy.