AIM launches book on International Financial Institutions

Official development assistance is critical to promoting long-term economic development and welfare, especially in the smaller economies of Asia.

The three premier international financial institutions (IFIs) in Asia – the International Monetary Fund (IMF), World Bank, and Asian Development Bank (ADB) – have made significant contributions to development, but have also attracted their share of criticism.

The Asian Institute of Management (AIM)’s new book, International Financial Institutions and Development in Asia, provides a comprehensive coverage of the three IFIs and an analysis of Asia’s development and challenges. It is the first of its kind to conveniently gather information on the three IFIs in Asia in one publication.

Authored by Prof. Nihal Amerasinghe, PhD, of the AIM Centre for Development Management (CDM), the publication gives an in-depth coverage of the organisational structure, financial resources, operational procedures, financial and knowledge products, criticisms faced, challenges, and opportunities of the institutions. A distinct feature of the book is the study of the three IFIs in the context of their role in evolving Asia.

At the book launch held on the AIM campus on December 2, 2011, Prof. Amerasinghe gave an overview of the publication, while Rajat Nag, ADB Managing Director General, and Roberto de Ocampo, Executive Director of the AIM Gov. Jose B. Fernandez Jr. Centre for Banking and Finance, delivered testimonials and responses.

Prof. Amerasinghe traced the origin of the book to almost a decade ago, when he taught his first AIM course, International Financial Institutions and Development in Asia, to Master in Development Management (MDM) students.

Directing the course gave him an opportunity to collect his materials and experiences working at the ADB for more than 20 years.

“The book being launched today is the product of 10 years of teaching and research at AIM, my hands-on experience at the ADB, and close association with other IFIs for more than two decades,” explained Prof. Amerasinghe. The book has three parts: Development Finance in Asia, International Financial Institutions, and The Development Challenge.

 “To promote growth and equality in Asia, which is the major challenge, the IFIs and their developing countries must work in close partnership,” added Prof. Amerasinghe. “We have observed that, with a good policy environment and good governance, development finance can work.”

Prof. Amerasinghe is a former development banker and international civil servant with extensive experience in development management in Asia and the Pacific. He is the lead faculty in Economics, Project Management, and IFIs for the MDM program.

Prior to joining AIM, he was Director General of the Agriculture and Social Sectors Department at the ADB. He held senior positions at the ADB from 1979 to 2001. Before this, he served as advisor and consultant to several developing countries in the Asia-Pacific region.

He was also an academician at the Australian National University and the University of Sri Lanka. He holds a PhD in Economics and MS in Environmental Management from the University of London, and an MA in Economics and Social Studies from the University of Manchester.

AIM is a pioneer in international management education. It was established in 1968 with the Harvard Business School, the Ford Foundation, academicians, and businessmen. The founders envisioned AIM as a source of 21st century Asian change agents and designed the school’s master and executive programs to produce managers with the skills, knowledge, and attitudes relevant to Asia.

Their initiative made AIM one of the most experienced institutions in Asia, producing 38,000 managers. While AIM is based in the Philippines, its clientele are in India, Indonesia, Malaysia, and the Greater Mekong area. AIM is the first school in Southeast Asia to achieve accreditation from the US-based Association to Advance Collegiate Schools of Business (AACSB) based on the highest international standards.