United Nations Conference on Trade and Development (2015). Trade and development report, 2015: Making the international financial architecture work for development. New York: United Nations.

Chapter 1: Current Trends and Challenges in the World Economy -- Recent trends in the world economy -- Global growth -- International trade -- Recent development in commodity markets -- Evolution of main commodity prices -- The continuing influence of financial factors -- Impact and prospects -- Stagnation: Secular or temporary? -- Chapter II: Financialization and its Macroeconomic Discontents -- Introduction -- The challenges of global liquidity expansion -- Liquidity expansions before and after the crisis -- The rise and aggregate risks of capital inflows to DTEs -- Greater financial integration and increasingly unstable capital flows -- The macroeconomic costs of financialization -- Effects of unfettered financial integration on prices and policy -- Learning from the past: Public sector finances and economic development after financial crises -- Looming losses: Fiscal Stance, macro policy and aggregate demand -- Concluding policy discussion -- Chapter III: Systematic Challenges in the International Monetary System -- Introduction -- The international monetary system: Main challenges and evolving responses -- The gold standard and the Bretton Woods system -- The post-Bretton Woods era -- Reforming the international monetary system -- Creating a new global monetary order -- Reforming the dollar standard -- Strengthening regional and interregional cooperation -- Conclusions and policy agenda: Merits and drawbacks of current reform proposals -- Chapter IV: Financial Regulatory Reform After the Crisis -- Introduction -- Post-crisis financial reform and prudential regulation -- The new Basel III Accords -- The proposed framework for systematically important banks -- The prudential framework and developing countries -- Some attempts to ring-fence banking operations -- The rise of the shadow banking system -- The emergence and principal features of the shadow banking system -- How big is shadow banking? -- Risks associated with shadow banking -- Insufficient reforms -- Other important issues in financial regulation -- Credit rating agencies: The need for more than a code of conduct -- The negative impacts of speculative international capital flows -- Foreign bank presence in developing countries -- Fixing finance: The need for a more positive agenda -- Chapter V: External Debt and Debt Crises: Growing Vulnerabilities and New Challenges -- Introduction -- Sustainability of external debt: Main issues -- Trends in the volume and composition of external debt -- Evolution of external debt in developing and transition economies -- Public and private borrowing and lending -- Currency-related issues -- The jurisdiction for debt issuance -- External debt resolution -- External debt crises: A recurrent problem -- Sovereign debt issues in historical perspective -- Emergence of a fragmented resolution system for external sovereign debt -- An inefficient and unbalanced approach to dent resolution -- Alternative mechanisms for debt restructuring -- Contractual or market-based approaches -- Need for internationally accepted principles for SDRMs -- Statutory approaches to multilateral debt restructuring -- Conclusions -- Chapter VI: Long-Term International Finance for Development: Challenges and Possibilities -- Introduction -- Financing through official cooperation -- Official development assistance from developed countries -- Development cooperation among developing countries -- Challenges of official cooperation -- Public-private partnerships for development -- Scale, scope and use of PPPs -- Assessing the contributions and costs of PPPs -- Policy implications -- Can sovereign wealth funds make a difference? -- Development banks: Their evolution and potential for supporting development -- Distinctive features of development banks -- The changing landscape of development banks -- The potential financing role of South-led multilateral banks -- Conclusions