Abstract

Since the 2007/2008 financial crisis, State-owned financial institutions (SFIs) have reinforced their essentiality for countercyclical actions. This article argues that SFIs are vital for the development process of peripheral countries not only because they correct market failures and have the prerogative to act countercyclically but they have the ability to be instruments of public policy. SFIs, specifically development banks, are essential to promote peripheral countries' catching up since they can operate as part of the State toolkit. To do so, they must act in line with other government policies—fiscal, monetary, foreign exchange, and industrial. Credit policy through development banks can be seen as a permanent device for managing aggregate demand.

摘要

自2007/2008年金融危机以来，国有金融机构（SFI）加强了其对反周期行动的重要性。本文认为，SFI对于外围国家的发展过程至关重要，不仅因为它们纠正了市场失灵，并具有反周期行动的特权，而且它们有能力成为公共政策的工具。SFI，特别是开发银行，对于促进周边国家的赶超至关重要，因为它们可以作为国家工具包的一部分来运作。为此，它们必须与其他政府政策（财政，货币，外汇和工业政策）保持一致。通过开发银行的信贷政策可以看作是管理总需求的永久手段。