Will China’s Infrastructure Bank Work?
With China's creation of the new $50 billion Asian Infrastructure Investment Bank, most of the debate has centered on the futile US effort to discourage other advanced economies from joining. But the real question is why multilateral development lending has so often failed, and what might be done to make it work better.
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CAMBRIDGE – With China set to lead a new $50 billion international financial institution, the Asian Infrastructure Investment Bank (AIIB), most of the debate has centered on the United States’ futile efforts to discourage other advanced economies from joining. Far too little attention has been devoted to understanding why multilateral development lending has so often failed, and what might be done to make it work better.