How transnational environmental advocacy networks socialize international financial institutions: a case study of the international finance corporation

Environmental organizations, characterized here as transnational advocacy networks, use various strategies to "green" international financial institutions (IFIs). This article goes beyond analyzing network strategies to examine how transnational advocacy networks reconstitute the identity of IFIs. This, it is argued, results from processes of socialization: social influence, persuasion and coercion by lobbying. A case study of the International Finance Corporation (IFC), as a member of the World Bank Group, is used to analyze how an IFI internalized sustainable development norms. The IFC finances private enterprise in developing countries by providing venture capital for private projects. Transnational advocacy networks socialized the IFC through influencing its projects, policies and institutions via direct and indirect interactions to the point where the organization now sees itself as a sustainable development financier. This article applies constructivist insights to the greening process in order to demonstrate how socialization can reshape an IFI's identity.

UNEP's finance initiative : beyond bluewash?

Sustainable finance is a burgeoning area of international relations that cross-sects trends towards financial liberalization and global environmental governance. This article seeks to examine the role of the United Nations Environment Program (UNEP) in the emergence of a global sustainable finance regime through its finance initiative in 2003. Specifically, the article proposes research on the establishment and robustness of UNEP's finance initiative and the extent to which it has been taken up by the global finance industry. It aims to compare UNEP's finance initiative with the Equator Principles established by the International Finance Corporation (IFC) in 2004, which determine environmental policy targets for the banking industry. The comparison reveals institutional differences which maintain UNEP's position as a contributor although not necessarily a leader in the emerging sustainable finance regime.

Development aid : a fresh look

This book addresses a number of gaps in knowledge on aid allocation and effectiveness, and provides many new and important analytical insights into aid. Among the topics covered are the interface between aid allocation and perceptions of aid effectiveness, the inter-recipient concentration of aid from non-govenment organizations, the year-on-year volatility of aid, impacts of aid on public sector fistcal aggregates, and evaluation of the country-level impacts of aid. The book is an essential companion for professionals engaged in aid policy reforms and also for scholars in the areas of development economics, international finance and economics.

The depoliticisation of accountability processes for land-based grievances, and the IFC CAO

Many development finance institutions have responded to calls for accountability for social and environmental harms associated with their lending by creating Independent Accountability Mechanisms (IAMs). We argue that IAMs can, at their best, provide relief for those concerned with the nature of the implementation of development projects, thereby addressing what we call immanent complaints about social and environmental impacts. However, IAMs are poorly placed to address what we call contestational grievances: those that entail a rejection of core tenets of the lending institution's development model. Such contestational grievances frequently arise when communities and their supporters reject the commodification of land and associated displacement of people and their livelihoods. Analysis draws on the International Finance Corporation Compliance-Advisor-Ombudsman (IFC CAO)'s handling of a complaint about the palm oil company Wilmar in Indonesia. We argue that because the CAO is institutionally embedded within the IFC, it shares its normative grounding with the institution it holds to account, and therefore risks organising and legitimating accountability failures related to contestational land-based grievances.

The legal structure and regulation of securities lending

This paper examines the legal structure of securities lending in Australia, and also Europe, the United Kingdom and United States. It provides an analysis of the widely used industry documents, the Australian Master Securities Lending Agreement and the Global Master Securities Lending Agreement (GMSLA). It outlines the regulation of securities lending and short selling, including restrictions on short selling and the applicable disclosure requirements. It discusses the collapse of Opes Prime and the key Federal Court decision which considered the legal effect of the AMSLA. It also outlines the regulatory responses to securities lending and short selling taken by IOSCO, in Europe, the United States and the United Kingdom during the global financial crisis.

Securities lending, empty voting and corporate governance

This paper examines the corporate governance implications of securities loans, in particular the impact of securities loans on shareholders’ voting rights and the control of listed Australian companies. The paper considers whether the current regulatory framework for securities loans in Australia adequately addresses the concerns associated with securities loans and whether reform is required in order to protect the interests of shareholders in listed Australian companies and to ensure that the governance of these companies is not undermined by securities loans.

Development aid: regulatory impact assessment and conditionality

The purpose of this paper is to examine how Regulatory Impact Assessment (RIA) can contribute to decision-making processes of Official Development Assistance (ODA) loans and grants. The point of departure for the discussion is the phenomenon that RIA, within a context of ODA, is applied by International Finance Institutions mainly in the context of Development Policy Loans, to introduce or strengthen country systems for Regulatory Impact Assessment. However, ODA grants, and loans, particularly when specific policy or regulatory conditions are attached to them, significantly impact economic and social conditions within the beneficiary country. This article examines what role RIA can play in facilitating a coherent decision-making process affecting the ODA allocation within a context of conditionalities requiring the introduction of new, or changes to existing, policies and regulations. The discussion considers the nexus between development aid effectiveness, conditionality and ownership, and RIA. The article argues a justification for applying RIA to ODA loans and grants which carry regulatory and policy conditionalities.

Holding the purse strings : the continuing evolution of human rights law and the potential liability of the finance industry for human rights abuses

While the responsibility of States and, in more recent times, corporations, has been thoroughly discussed in relation to human right~, a new stage of evolution may be emerging in relation to the liability of the financial backers of an enterprise that is accused of human rights abuses. This article considers the basis in international law for such emerging liability and examines some of the legal avenues used in recent domestic litigation against financial institutions. The article concludes by examining some of the relevant instruments of 'soft' international law and notes that although there is little in the way of concrete legislation or judicial precedent that would hold financial institutions responsible for the actions of those they invest in, the potential for the law to evolve in that direction is clear.

Aid, debt relief and new sources of finance for meeting the millennium development goals

This article focuses on aid, debt relief and new sources of finance for meeting the Millennium Development Goals (MDGs). It was said that MDGs provide a clear set of objectives for mobilizing the international development community, especially in the area of development finance. The call for increased aid as well as for more debt relief in the creation of new sources of development finance has increased since the United Nations Financing for Development Summit and the subsequent report of the panel chaired by then President Ernesto Zedillo of Mexico on development finance. The goal of reducing the proportion of people living in extreme poverty by 2015 cannot be achieved in Sub-Saharan Africa (SSA). Such optimistic forecast suggests that MDG income poverty target will not be achieved in SSA until 2147.

An exploratory survey of Australia's informal venture capitalists : a predicate to theory building in the context of international angel research

In Australia, as it is all over the world, finding and acquiring equity capital is one of the major problems facing entrepreneurs who are starting or growing entrepreneurial ventures. The informal venture capital market, made up of high net worth non-institutional private equity investors (or ‘business Angels’) provides risk capital directly to new and growing businesses and has been shown to be considerably more significant than institutional providers as a source of finance for entrepreneurial businesses. Building upon and comporting with Angel research undertaken overseas, this study generated and evaluated data resulting from an investigation of Australian business Angels which focused upon three primary research questions: (i) Who are Australia's Informal Venture Capitalists (Business Angels)? (ii) How do they behave? (iii) What are their investment criteria? Analysis of answers resulting from a survey of 36 carefully screened respondents produced a descriptive profile, depicted in twelve key graphs, of Australian Angels' identifying characteristics, patterns of investment behaviour and investment criteria. The study initiates Australian Angel research into the developing international continuum of formal Angel research and can serve as the generator of empirically sensible hypotheses for future research and theory development.

The dynamics of Latin American sovereign international bonds

This thesis investigated the behavioural dynamics of emerging market sovereign international bonds issued by key Latin American economies. The study allows deeper insights into the complex behaviour of an important segment of international bond markets in a single, comprehensive and penetrative study.

Blended learning in finance : comparing student perceptions of lectures, tutorials and online learning environments across different year levels

In modern pedagogy, a blended approach is used comprising both face-to-face and online learning. This study investigates how undergraduate students majoring in finance view the different learning environments, and evaluates the changes in perception over the three years of the degree after controlling for gender, age, international/domestic student and English as a first language. Using a purpose designed survey instrument, students across the three years of undergraduate study rated the importance of lectures, tutorials and web-based learning environments in a blended learning model. The results indicate that there is still a strong preference for face-to-face learning. Additionally, there were significant differences in attitudes and perception by year level.