Exchange rate and balance of payment crisis risks in the global development finance architecture
分析了多边开发银行以硬通货贷款给国家开发银行时，汇率和国际收支危机的约束，发现增加对国内导向项目的转贷需提高再融资并降低利率，同时应资助高回报的出口增强项目并促进本地生产。
We analyze exchange rate and balance of payment crisis constraints when multilateral development banks (MDBs) lend, in hard currency, to national development banks (NDBs), for NDBs to onlend to investment projects. Investment projects may be “export-enhancing” (EXIPs), which generate hard currency, or “domestic-oriented” (DOIPs), which do not generate hard currency. To increase the proportion of onlending to DOIPs, MDBs should increase their refinancing to NDBs. Furthermore, MDBs have to reduce the interest rate charged on NDBs. In addition, high return EXIPs need to be financed, and more locally-produced supplies, in contrast with imported supplies, should be fostered.