February 1, 2024 | Augustus Howard, Andrej Hromic, Stuart Lockwood, and Evan Iskenderian

V20 Final Group Project: Colombia

In 1944, as World War II came to an end, world leaders met in Bretton Woods, New Hampshire to discuss the future of international financial architecture. Known as the Bretton Woods Conference, this discussion was led by world leaders which ultimately resulted in the construction of the World Bank (WBG) and International Monetary Fund (IMF). The Bretton Woods Conference has since been the foundation of International Financial Architecture for the last 80 years. The establishment of the World Bank and IMF were designed to support economic development and financial stability among nations globally. Despite the success of the Bretton Woods Conference, the International Financial Architecture has evolved, requiring further examination of how financial institutions should operate. In the face of a polycrisis consisting of climate change, overwhelming debt, cost of living, Covid-19, and international conflicts, a global financial system run by world leaders of 1944 is outdated. Unfortunately, the global south is disproportionately affected by the impacts of this polycrisis. As a result, in 2015 a group known as the Vulnerable 20 (V20) established themselves as the nations most vulnerable to the impacts of climate change. Since its inception, the V20 now consists of 68 nations focused on collaborating to strengthen economic and financial institutions and equip them for the fight against climate change. Using historical analysis and deep system thinking, recommendations will be constructed for how the International Financial Architecture can be altered to address the polycrisis.

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February 1, 2024 | Angel Bustamante, Ahmed Mohamed, Nolan Moore, Nate Ruoss and Professor Frank Van Gansbeke

Ethiopia in the Polycrisis: Navigating Debt

This academic paper covers Ethiopia's polycrisis and its devastating effects on local communities and infrastructure. We examine the polycrisis related to climate change, like droughts and flooding, and crises exacerbated by climates, such as social injustices, national debt, and wavering political performance. This research paper aims to provide a background of the current events related to the polycrisis and its effects, analyze the root of the problems, and then offer recommendations for the best course of action moving forward for Ethiopia.

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February 1, 2024 | Finn McCarthy, Tom Haugen, Yacine Bekkari, and Andrew Neumann and Professor Frank Van Gansbeke

Group Project: Kenya

This assignment selected one country from the Vulnerable Twenty and took a deep dive into this country’s indebtedness and overall vulnerability to the polycrisis. By using this approach, this investigation received a snapshot of just how critical sustainable financing is for our global undertaking of climate change. Utilizing publicly available resources such as IMF and World Bank Country Reports provides much of the information reviewed throughout this document. As a result, this paper also provides recommendations for our country moving forward.

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February 1, 2024 | Lomus Pudasaini, Sebastian Pantzer, Cole Siefer, James Cummings and Professor Frank Van Gansbeke

The Philippines

The inaugural meeting of the Vulnerable 20 (V20) was in 2015, chaired by the Philippines Secretary of Finance. As a coalition of countries that are systemically vulnerable to the effects of the polycrisis, the coalition advocates for climate resilience and low emission development (V20: The Vulnerable Twenty Group). While many of these nations are struggling with debt distress, the Philippines is not. Driven by large manufacturing and services industries, it is one of the fastest growing economies in Southeast Asia. Although it has one of the highest levels of outstanding debt among V20 countries, its debt to GDP ratio is not very high. The vulnerability of the nation is due to the effects of pollution, plastic dumping, and rising seas. The ability of the country to take on these climate related issues hinges on its ability to reduce the effects of other internal and external economic and geopolitical factors such as territorial disputes, unrest in the southern regions, and government ineffectiveness and corruption. Over the next two decades, the Philippines will need to carefully take on and manage debt in order to continue developing towards climate resilience in the form of adaptation and mitigation. Due to its stable debt situation and its need for further investment in climate resilience development, the Philippines could be the perfect country to test a newly reformed international financial architecture.