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From Lending in the Andes to Thriving in Latin America: CAF's Continuity, Growth and Long-Term Financing in the Region

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From Lending in the Andes to Thriving in Latin America: CAF's Continuity, Growth and Long-Term Financing in the Region Wilfrid Laurier University Scholars Commons @ Laurier Theses and Dissertations (Comprehensive) 2015 From lending in the Andes to thriving in Latin America: CAF’s continuity, growth and long-term financing in the egionr Veronica Rubio Vega Wilfrid Laurier University, [email protected] Follow this and additional works at: https://scholars.wlu.ca/etd Part of the International Relations Commons Recommended Citation Rubio Vega, Veronica, "From lending in the Andes to thriving in Latin America: CAF’s continuity, growth and long-term financing in the egionr " (2015). Theses and Dissertations (Comprehensive). 1771. https://scholars.wlu.ca/etd/1771 This Thesis is brought to you for free and open access by Scholars Commons @ Laurier. It has been accepted for inclusion in Theses and Dissertations (Comprehensive) by an authorized administrator of Scholars Commons @ Laurier. For more information, please contact [email protected]. From lending in the Andes to thriving in Latin America: CAF’s continuity, growth and long-term financing in the region By Veronica Rubio Vega Master of Arts in Globalization Studies, McMaster University Bachelor of Arts (Honours) in Economics, Brandon University Submitted to the Department of Global Governance in partial fulfillment of the requirements for Doctor of Philosophy in Global Governance Wilfrid Laurier University © Veronica Rubio Vega 2015 Author’s Declaration I hereby declare that I am the sole author of this thesis. This is a true copy of the thesis, including any required final revisions, as accepted by my examiners. I understand that my thesis may be made electronically available to the public. ii Abstract What explains the Development Bank of Latin America’s (CAF, in Spanish) continuity and expansion since the 1990s? This thesis explores how an initially small Andean development bank crafted a successful strategy to survive in a troubled region and eventually thrive as an important lending source. This thesis argues that CAF’s expansion can be attributed to four main factors: 1) leadership, 2) institutional design, 3) member governments’ preferences and 4) Brazil’s push for regional cooperation beyond trade. Theoretically, this thesis draws upon two sets of interrelated academic debates to explain CAF’s growth: 1) International Political Economy (IPE) and International Organization (IO) theories discussing the main motivations for the design, culture, and behaviour of international institutions, and 2) IPE and International Relations (IR) literature on national interests, regional cooperation and development governance in South America. This thesis makes an empirical contribution to existing literature by providing the first detailed analysis of the history of CAF, while seeking to explain the reasons behind its expansion within a region in which defaults on external debt obligations have not been uncommon. Theoretically, this thesis invites scholars to reengage with the study of leadership in IOs. The study of CAF highlights the importance of successful agency under strong leadership in the survival and growth of RFIs. This thesis accounts for how and when CAF has employed its granted discretion and taken advantage of its institutional features to expand its mission and act in ways that were not originally outlined by its principals. It also examines how CAF has successfully balanced in its own terms the distinct demands of two types of stakeholders (member countries and credit rating agencies), while partaking in regional discussions and agendas related to infrastructure development. Moreover, this thesis shows that the rise of certain states as regional leaders can also influence an IO’s strategy in trying to understand and engage more often with a state that is leading the agenda on regional cooperation. iii Acknowledgements I began my PhD studies as a full-time international student and living in Waterloo. I’ve concluded this thesis as a part-time student, a permanent resident of Canada and currently living in Toronto. It has been five years of constant learning about CAF, academia and myself. It has been five years of many people showing me their kindness, support and encouragement throughout the ups and downs of this project. First and foremost I would like to thank my supervisors, Eric Helleiner and Kathryn Hochstetler. Working under your supervision during these years has been an invaluable experience, not only academically, but also from a personal standpoint. You have provided me with incredible guidance and support throughout this project. You were there for me during difficult times both at the intellectual and personal levels. You are simply amazing and I will always treasure the experience of being able to talk to you openly about academic and non- academic matters. Mil gracias. A further thank you to Will Coleman. You have been supporting my ideas since my days at McMaster University. I still remember one of your early emails about applying for the Ashbough scholarship, which ultimately made possible my attendance to the M.A. program. Thank you for continuing this journey with me at the Balsillie School of International Affairs (BSIA). I would also like to thank the faculty and administration members of Wilfrid Laurier University (WLU) and the University of Waterloo (UW) for your enduring support (especially while studying as an international student), particularly Randy Wigle, Andrew Thompson and Kelly Brown. You always made the time to provide detailed answers to all my questions. Thank you to the staff at CAF’s Centro de Información y Documentación, particularly Carolina and Dalia, for facilitating my archival research while conducting fieldwork in Caracas. Thank you to all my interviewees in Washington, D.C., Caracas and Quito for generously granting me their time to discuss the political economy of CAF. Thank you to my friends at the BSIA. You have been a great source of inspiration in so many different ways and I am grateful that you have allowed me to learn so much from you during our academic discussions and potlucks. Thank you Anton Malkin, Adam and Nayantara Malloy, Rhys Machold, Sarah Martin, Maryam Javan Shahraki and Dan Herman. Thank you for being my family during my time at Waterloo. In addition, I would like to thank Antulio Rosales who provided invaluable advice and support during my fieldwork. iv Thank you to the Research Center of Excellence (CoE) at the Royal Bank of Canada. My manager and colleagues have been very supportive of my academic work and of my role at the bank as a research manager focusing on digital strategies. I am incredibly grateful to be part of such a diverse team and to conduct qualitative research on so many interesting topics. I would like to thank my parents, Maria Elena Vega and Francisco Rubio, my siblings, Alexandra and Francisco Xavier, and my grandparents for their unconditional love and empathy. Papis, I can’t even begin to imagine how hard it has been for you to have three kids who immigrated to Canada. The immigration process has been tough at times but you have always being supportive and have let us pursue our dreams (Papis, no puedo ni siquiera empezar a imaginarme lo difícil que es para ustedes tener tres hijos que han emigrado a Canadá. El proceso de emigración ha sido difícil muchas veces, pero ustedes siempre nos han apoyado a seguir nuestros sueños). My family has taught me the true meaning of diversity of thought, they have helped navigate the concept of emotional intelligence and they are a constant inspiration to me (Mi familia me ha enseñado el verdadero significado de la diversidad de pensamiento, me han ayudado a navegar el concepto de la inteligencia emocional y son una fuente de inspiración constante). Thank you to my friends, Lorena Fernández, Isabel Boceta and Luana Koucher. It has been fifteen years since we met for the first time and we have shared so many happy memories and conversations despite many oceans in between. You have also been my biggest supporters in the completion of this dissertation. Last, but certainly not least, I would like to thank my husband, Sepandar. You are the reason why I wake up happy every morning. We are an incredible team and the way you deal with both happy and challenging times is simply remarkable. Dr. Sepehr, it has been a pleasure and a privilege to share with you this PhD journey. This thesis is dedicated to Koroush, Parnia and Maya for providing me with incredible powerful (Shirazi/Tehrani) roots to establish my family tree in Toronto. v Table of Contents Author’s Declaration ................................................................................................................................. ii Abstract ...................................................................................................................................................... iii Acknowledgements ................................................................................................................................... iv List of Figures ............................................................................................................................................. ix List of Tables ............................................................................................................................................... x List of Abbreviations ................................................................................................................................. xi Chapter 1. A unique subregional bank that found a way to stand out in
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