CAMBRIDGE – With China set to lead a new $50 billion international financial institution, the Asian Infrastructure Investment Bank (AIIB), most of the debate has centered on the United States’ futile efforts to discourage other advanced economies from joining. Far too little attention has been devoted to understanding why multilateral development lending has so often failed, and what might be done to make it work better.
美国剑桥—中国即将领导一个500亿美元规模的新国际金融机构——亚洲基础设施投资银行（亚投行），而大部分争论集中在美国徒劳地鼓动其他发达经济体不要参加。几乎没人试图去理解为何多边发展贷款常常以失败告终，以及能够做些什么让它更管用。