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The Future of National Development Banks$
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Stephany Griffith-Jones and José Antonio Ocampo

Print publication date: 2018

Print ISBN-13: 9780198827948

Published to Oxford Scholarship Online: November 2018

DOI: 10.1093/oso/9780198827948.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 April 2021

National Development Banks as Active Financiers

National Development Banks as Active Financiers

The Case of KfW

(p.63) 3 National Development Banks as Active Financiers
The Future of National Development Banks

Ulf Moslener

Matthias Thiemann

Peter Volberding

Oxford University Press

This chapter argues that Germany’s national development bank, KfW, derives its legitimacy as an important policy actor through three characteristics: (i) it acts on the financial market with the government’s backing to pursue economic—rather than purely commercial—objectives; (ii) as a government agency, it has privileged access to officials and regulators; and (iii) it has extensive in-house technical and engineering expertise. As such, KfW can profoundly impact how these policies are implemented at five stages of the policy process: agenda setting, negotiation, implementation, monitoring, and enforcement. This conceptualization is applied to two illustrative case studies: facilitating Germany’s shift towards a green economy (the Energiewende) and coping with challenges of the 2008 global financial crisis.

Keywords:   KfW, national development bank, finance, policy cycle, public financial institution

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