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National development banks for inclusive and sustainable development

Support for National Development Banks (NDBs) as well as for Multilateral Development Banks (MDBs) has grown worldwide, especially in the aftermath of the financial crisis of 2007-2009 and the euro area debt crisis. A basic reason is that the crises showed once again that the private financial system is pro-cyclical – lending too much in booms and rationing credit during crises – and that this pro-cyclicality can be extremely damaging for the real economy. Previous crises had revealed these problems in the developing world, but it became apparent in 2007-2009 that pro-cyclicality of private finance was also a problem in advanced economies, even those with the most developed and deepest financial markets.

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