economics 9.docx - Last November Jokowi formally announced that Indonesia would be joining t he recently founded Asian Infrastructure Investment Bank or

economics 9.docx - Last November Jokowi formally announced...

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Last November, Jokowi formally announced that Indonesia would be joining t he recently founded Asian Infrastructure Investment Bank, or AIIB. Like the W orld Bank (WB) and Asian Development Bank (ADB), the AIIB is another multil ateral financial institution that will provide capital in the form of loans for vari ous countries to finance development projects. What differentiates the AIIB fr om the other two aforementioned banks is that the AIIB’s focus will be narro wed down solely to Asia and solely to infrastructure projects. The other prima ry difference is the key stakeholders behind these banks – the World Bank is controlled by the United States, the Asian Development Bank is most heavily influenced by Japan, while the AIIB is being led by China. The news has been recently flooded with the controversy of this all-new AIIB. The U.S. and Japan have criticized China’s initiative of creating a new interna tional financial institution, seeing it as a Chinese effort to exert more control over the global loanable funds market and the international economy as a wh ole. They’re not wrong. The establishment of the Chinese-led AIIB certainly d
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