iiinova — where your digital self keeps evolving

Becky Ray @becky-ray.bsky.social · 22/04/2026

Interested in the prospects for a just transition in LatAm & the role of China? Join our bilingual hybrid seminar Friday! ¿Te interesa las expectativas de una transición justa en LatAm, y la importancia de China para tal meta? ¡Acompáñanos! Registration/ Inscripciones: indico.un.org/event/1023214/

Latin America, China and the New Climate Economy: Opportunities and Challenges for a Just Transition. Seminar, Friday, April 24, 9am Santiago/New York time. Location: CEPAL, Santiago. Hybrid participation with simultaneous interpretation.

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Becky Ray @becky-ray.bsky.social · 10/04/2026

Private GFCF specifically shows ambiguous results, so this is not about shrinking public investment making space for growing private investment. As Springs convene in DC, amid war-driven balance of payments stress, the world is looking to the IMF, and it's crucial for the IMF to bring results. 3/3

Image: Statistical results for private GFCF in IMF program-participating countries relative to contemporaneous peers. The results are not statistically significant in any of the program years.

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Becky Ray @becky-ray.bsky.social · 10/04/2026

We find less gross fixed capital formation in participating countries over the course of IMF programs, relative to what contemporaneous peer countries experienced. 2/3

Image: statistical results of gross fixed capital formation in IMF program-participating countries relative to contemporaneous peers. GFCF is significantly lower in IMF-participating countries in years 1-4.

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Becky Ray @becky-ray.bsky.social · 10/04/2026

Our latest, with @gdp-center.bsky.social colleagues @daniel-rinner.bsky.social and @kevinpgallagher.bsky.social: do IMF programs result in investment growth? Investment-led growth is key to IMF program goals, but we find ambiguous or negative results. www.bu.edu/gdp/2026/04/... 1/3

Cover image of a new GDP Center working paper titled "Adjustment without Accumulation: Evidence on Capital Formation from IMF Programs."

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Becky Ray @becky-ray.bsky.social · 01/04/2026

We cover topics including: ⛏️ ESG mining governance 🏭 Industrial policy and economic diversification ☀️Access to renewable energy 🏦Harnessing Chinese finance for all of the above A summary of it all is available at the GDP Center website: www.bu.edu/gdp/2026/03/...

bu.edu

Can China Support a Just Energy Transition in Latin America? Policy Insights from a Working Paper Series | Global Development Policy Center

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Becky Ray @becky-ray.bsky.social · 01/04/2026

I’ve been quiet here for a bit, preparing a new project with good friends and colleagues. Explore our new series of working papers on China, Latin America and the prospects for a just transition here. ⤵️

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Becky Ray @becky-ray.bsky.social · 13/11/2025

We CAN do better, starting with significant reforms at the international financial institutions that oversee sovereign debt restructuring. Investing in communities and the ecosystems that support them is ambitious, but possible ... and the only way to ensure a livable planet, together.

A possible virtuous cycle: with the fiscal space to invest in institutional capacity, human capabilities and natural capital, countries can build economic diversification and regulate their extractive industries, which reduces the pressure on intact ecosystems and creates space for community-based environmental management. Well-maintained intact ecosystems provide climate change resilience, reinforcing economic stability and creating a foundation for economic growth with environmental, social, and fiscal sustainability.

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Becky Ray @becky-ray.bsky.social · 13/11/2025

I wrote Chapter 4, on the business-as-usual vicious cycle between sovereign debt, government austerity, commodity dependence, deforestation, rising climate change vulnerability, and more expensive sovereign debt.

A vicious cycle: unsustainable sovereign debt leads to government austerity amid an export commodity push, leading to unregulated and under-regulated agricultural and extractive expansion into previously intact ecosystems. This causes environmental destruction and social conflict, pushing communities out of the ecosystems that have supported them for generations. It also erodes the ecosystem services those lands provided in the past: protecting against droughts, floods, erosion, tropical storms, etc. This increases climate change vulnerability, raising the risks of economic instability from extreme weather events and raising sovereign bond yields in the process. When those extreme weather events occur, government have to borrow more at higher rates, returning us to the start of the cycle trapping countries in destructive extractivist commodity dependency.

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Becky Ray @becky-ray.bsky.social · 13/11/2025

One of the most rewarding things I've gotten to do in my career is collaborate with environmental activists and scholars form all over the world on the 2025 edition of the Land Gap report. landgap.org/2025/report A few highlights ⤵️

The cover image for the Land Gap Report 2025

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Phenomenal World @phenomenalworld.bsky.social · 21/04/2025

“‘Pitiful’ is the word that the World Bank’s chief economist used to describe the decade-long embrace of private capital mobilization. More of the same will do little to counter Trump or deliver crucial green investment or relief for debt burdened countries.” www.phenomenalworld.org/analysis/res...

phenomenalworld.org

Restoring Multilaterism | Richard Kozul-Wright & Kevin Gallagher

A reformed global agenda built on public foundations

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Becky Ray @becky-ray.bsky.social · 11/04/2025

I've been entrenched in thinking about the impacts on EMDEs (FX, bond ratings, debt sustainability) so this is out of my wheelhouse a bit ... but here's the yield curve for between announcement and "pause" ... it got increasingly more inverted ("yippy") as the week went on.

US treasury yield curve, March 28 - April 7. Each day is slightly more inverted than the last.

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Becky Ray @becky-ray.bsky.social · 26/03/2025

¡Acompáñanos mañana! Descubre más e inscríbete aquí: sisisemail.up.edu.pe/sisisemail/_...

Descripción del evento "China y América Latina: Retos para una Transición Energética Justa" organizado por el Centro de Estudios sobre China y Asia-Pacífico de la Universidad del Pacífico

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Becky Ray @becky-ray.bsky.social · 24/03/2025

2025 is a BIG YEAR for development finance institutions involved in transition mineral mining. For @dialogueearth.bsky.social today, @julieradomski.bsky.social and I detail 5 major decision points coming up that will determine DFIs' support for a just transition for mining countries and communities.

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Becky Ray @becky-ray.bsky.social · 04/03/2025

In short: the world cannot rely solely on private capital for a just energy transition. In 2025 DFIs & ECAs have a chance to "dig in" and grow into their role as market leaders, patient capital providers, and norm setters for sustainable, inclusive transition mineral supply chains. FIN

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Becky Ray @becky-ray.bsky.social · 04/03/2025

Finally, at COP30 this year Brazil & Colombia will bring a new minerals traceability initiative up for a vote. If it passes it will need international support to be robust and viable. PDFIs – especially MDBs – would be wise to engage and support it. 11/12

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Becky Ray @becky-ray.bsky.social · 04/03/2025

Fourth, the World Bank “evolution roadmap” envisions extending concessional finance to middle-income countries. This may allow for expanding mineral policy support to include TM exporters, which are applying limited resources to managing new and expanding industries with high risks. 10/12

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Becky Ray @becky-ray.bsky.social · 04/03/2025

Third, the IFC Performance Standards review is this year, without an IEG evaluation of current standards’ efficacy. The IFC may face pressure to weaken its standards for expediency. This review will impact not only IFC but other DFIs & ECAs that copy their standards. They must remain strong. 9/12

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Becky Ray @becky-ray.bsky.social · 04/03/2025

Second, the US DFC – a newcomer to the field with strong ESRM policies on paper – comes up for reauthorization in 2025. It’s continuation or expansion, with strong commitments to sustainability, inclusion and transparency, could be hugely beneficial to guiding the sector. 8/12

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Becky Ray @becky-ray.bsky.social · 04/03/2025

2025 has 5 major chances for DFIs & ECAs to engage for sustainable & inclusive TM supply chains. First, China’s NFRA is expected to publish KPIs for its Green Finance Guidelines. These should be actionable and verifiable, particularly on community consultation and grievance mechanisms. 7/12

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Becky Ray @becky-ray.bsky.social · 04/03/2025

The other way DFIs & ECAs support sustainable & inclusive TM supply chains is through long-term strategy support: JETPs and World Bank Country Climate & Development Reports. But specific ESRM strategy is absent from JETPs and only appears in 9 CCDRs: 6/12

A graph showing coverage of transition minerals' potential benefit and risk in World Bank Country Climate and Development Reports (CCDRs): 54 countries have CCDRs, and 22 of those specifically highlight the potential economic benefit of developing transition mineral (TM) resources. Most of those - 18 countries' CCDRs - also mention the environmental and social risks of TM sectors. But only half of those - 9 countries' CCDRs - mention specific strategies to mitigate those environmental and social risks of the TM sector.

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Becky Ray @becky-ray.bsky.social · 04/03/2025

DFIs & ECAs also need empowered partners – national environmental and social ministries– to oversee investors. Thus, MDBs policy support. This is crucial for LICs (blue in this image), but it hasn’t reached the MICs that export TMs yet (red in this image). There are no purple countries here. 5/12

A world map comparing DFI mining policy support over the last decade to countries' share of world transition mineral exports. Recipients of mining policy support are shown in blue and are predominantly concentrated in low-income countries in Africa. Transition mineral exporters are shown in red and are predominantly concentrated in Latin America. TM exporters who also receive mining policy support would be shown in purple, but none exist.

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Becky Ray @becky-ray.bsky.social · 04/03/2025

Interviews with staff at other DFIs & ECAs indicate that even with strong ESRM on the books, it’s not easy to apply IFC Performance Standards or other frameworks to this new and growing sector. Without traceability, for example, how can they apply standards to clients’ suppliers? 4/12

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Becky Ray @becky-ray.bsky.social · 04/03/2025

Chinese DFIs – CDB & CHEXIM, which support Chinese investors overseas as well as other sovereign governments with minerals SOEs – haven’t yet built out strong environmental & social risk management (ESRM) practices. Recent reforms are promising, but haven’t resulted in KPIs for banks yet. 3/12

A table comparing the environmental and social risk management (ESRM) policies of major DFIs and ECAs that directly support TM extraction. It shows that most DFIs and ECAs copy all or part of the IFC Performance Standards. CDB and CHEXIM have not yet developed a robust ESRM framework but the table highlights areas covered by recent or ongoing reforms: technical and financial support for upstream project development, community consultation during project planning, and accountability mechanisms during project operations.

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Becky Ray @becky-ray.bsky.social · 04/03/2025

This is a story about development finance, but especially a story about China. Chinese imports from LAC, Africa and developing Asia are just 4% of all trade, but 40% of trade in raw transition minerals (TM) and 52% of raw TMs that haven’t yet met their growth projections for climate needs. 2/12

A series of 3 Sankey graphs of world trade in goods. The 1st graph shows all trade in goods in 2023: $21.3 trillion. It is dominated by Europe & North America (which represent 50% of exports and 56% of imports. The 2nd graph shows trade in raw transition minerals (TMs) in 2023: $333.3 billion. It is dominated by Chinese imports (71% in total, with 40% being Chinese imports from LAC, Africa and developing Asia). The 3rd graph shows 2023 trade in raw TMs that haven't yet grown enough to meet World Bank projections for climate goals: $37.2 billion. It is dominated by Chinese imports (59%, with 52% being Chines imports from LAC, Africa and developing Asia).

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Becky Ray @becky-ray.bsky.social · 04/03/2025

I’m delighted to share my latest w/ @gdp-center.bsky.social colleagues @julieradomski.bsky.social, Bowen Gu & Cynthia Sanborn: Unmined Potential? Opportunities for development finance to support sustainability and inclusion in transition mineral supply chains. www.bu.edu/gdp/2025/03/... 🧵, 1/12:

Cover image for the new report from the BU GPD Center and Universidad del Pacífico CECHAP: Unmined Potential? Opportunities for development finance to support sustainability and inclusion in transition mineral supply chains

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Boston University Global Development Policy Center @gdp-center.bsky.social · 04/03/2025

What role do public development finance institutions play in transition mineral supply chain governance? In a new policy report, @julieradomski.bsky.social, @becky-ray.bsky.social, BowenGu + Cynthia Sanborn discuss, with 5️⃣ policy recommendations: www.bu.edu/gdp/2025/03/...

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Becky Ray @becky-ray.bsky.social · 25/02/2025

Yesterday I was chatting with an environmental reporter about a particular sad story and she sighed and said “humans are the WORST.” I said the first thing that came to mind which was “well now, some of my best friends are humans.” I had to immediately ask her not to quote me on that last bit. 🤦‍♀️🤣

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Ben Zipperer @benzipperer.org · 20/02/2025

This is easily one of the most negative return-on-investment cuts Musk and Trump will make, a bonanza for rich tax cheats. The IRS collects $6.3 for every $1 spent on audits of tax evaders in the top 0.1%.

A screenshot of a scatterplot showing average audit revenue divided by audit costs by tax percentile income group. From the abstract of the study:
"On average, $1 in audit spending initially raises $2.17 in revenue. Audits of high-income taxpayers are more costly, but the additional revenue raised more than offsets the costs. Audits of the 99-99.9th percentile have a 3.2:1 initial return; audits of the top 0.1% return
6.3:1."

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Kate Mackenzie @katemac.bsky.social · 01/02/2025

Not saying this is comforting, but here’s our look at what other world powers might & could do, while the US is a source of chaos and volatility. www.phenomenalworld.org/analysis/pol... www.phenomenalworld.org/analysis/pol...

phenomenalworld.org

Polycrisis 2025 | Kate Mackenzie & Tim Sahay

Diplomacy, finance, and extraction in the year ahead

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Becky Ray @becky-ray.bsky.social · 24/01/2025

Congratulations to my friend @lokaldammert.bsky.social for this great interview w @dialogueearth.bsky.social! One of the top questions the 21st century presents: will we repeat the colonialist history of the oil/gas industry for RE? We can - and must - do better. dialogue.earth/en/business/...

dialogue.earth

Q&A: ‘We must avoid more conflicts or injustice being caused by mineral extraction’

Dialogue Earth speaks with Juan Luis Dammert of the Natural Resources Governance Institute that has proposed a global agreement on mineral traceability and transparency

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Becky Ray @becky-ray.bsky.social · 11/01/2025

Join us Thursday for a public forum on US-China competition for critical/transition minerals. It’s my honor to join @triofrancos.bsky.social and Maia Seeger on a panel dedicated to the struggle for inclusive and sustainable production for a just energy transition. ips-dc.org/event/u-s-ch...

ips-dc.org

Critical Raw Materials: The Impact of U.S.-China Competition - Institute for Policy Studies

A hybrid event (in-person and online) on the impacts of a competition felt most acutely in communities where mining and processing take place.

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Becky Ray @becky-ray.bsky.social · 10/12/2024

This year we’re going to try to make rosettes, which are the answer to the question “What if you made funnel cake with a branding iron?” It says it’s Swedish but looks like it belongs at the Texas State Fair. Susu & I are excited to see what comes next. Has anybody tried this at home? Any advice?

Susu the cat, trying to decide how to eat the rosette iron.

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Becky Ray @becky-ray.bsky.social · 04/12/2024

Every time! The # of minutes of interesting webinars by fascinating scholars in my field >>> my patience and attention span. Tragically, my workweek started with an un-speed-up-able video that had me channeling Allison Reynolds for 2 hours of what felt like Saturday morning detention.

media.tenor.com

a close up of a woman 's face with a turtleneck on

Alt: Allison Reynolds slowly loses her patience on the Breakfast Club.

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Becky Ray @becky-ray.bsky.social · 02/12/2024

Small econ victories: a lovely way to start the workday! 😄 I’ve been playing this thing for years and today might be my 2nd or 3rd time ever getting it in one guess. #Tradle #1002 1/6 🟩🟩🟩🟩🟩 oec.world/en/games/tra...

media.tenor.com

a cartoon of jerry in a tuxedo says " thank you "

ALT: a cartoon of jerry in a tuxedo says " thank you "

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Becky Ray @becky-ray.bsky.social · 01/12/2024

Happy December! For folks with big holiday plans, Susu says it’s important to stay focused on your goals. Personally I think it’s just as important to keep your plans achievable, but Susu’s never been held back by such concerns.

A small grey cat contorting himself to get his nose as close as possible to the bird feeder outside his window.

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Becky Ray @becky-ray.bsky.social · 26/11/2024

I’ll be participating in this Georgetown Institute for US-China Dialogue webinar with @chinagsproject.bsky.social’s Christian-Géraud Neema and AidData’s Sheng Zhang on China’s post-2020 development finance trends. Join us! uschinadialogue.georgetown.edu/events/chine...

uschinadialogue.georgetown.edu

Chinese Lending to the Global South: A Boon for Development or Gateway to Debt Collection?

A panel discussion on how Chinese development lending has responded in the aftermath of the COVID-19 pandemic.

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Marina Zucker Marques @marinazucker.bsky.social · 18/11/2024

📢Glad to share my article "Currency Internationalization, payment infrastructures and central banks: An institutional analysis of renminbi internationalization" is out at Research in International Business and Finance🧵 Article www.sciencedirect.com/science/arti... Blog www.bu.edu/gdp/2024/11/...

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Becky Ray @becky-ray.bsky.social · 21/11/2024

As requested, here is my #proofOfCat: welcome to BlueSky, Susu-watari!

A triptych of a young grey cat snuggling - and then lightly maiming - me at my desk.

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Tim Hirschel-Burns @timhirschelburns.bsky.social · 20/11/2024

“It is obvious that the G20 Common Framework for debt treatments is not fit for purpose.” Great piece from former Nigerian VP Osinbajo www.ft.com/content/a784...

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Becky Ray @becky-ray.bsky.social · 21/11/2024

The work of Kentikelenis & @thomstubbs.bsky.social on IMF & austerity is unparalleled. For a brief intro, check out this webinar, where I was honored to spend an hour interviewing them about this impressive new book. www.youtube.com/live/lL7NwQV...

youtube.com

YouTube

Share your videos with friends, family, and the world

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Becky Ray @becky-ray.bsky.social · 20/11/2024

Shifter is right: the US approach is small. US developers missed the chance to develop Peru's mega-port. But respectfully, the US didn't lose LatAm. LatAm is managing relationships for diversification and dynamism. It's not a passive prize to be won or lost. www.ft.com/content/b9cf...

ft.com

Joe Biden loses to Xi Jinping in battle for Latin America

US leader’s farewell trip to Brazil and Peru epitomises Washington’s waning influence

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Becky Ray @becky-ray.bsky.social · 19/11/2024

Hiya Bluesky! I'm new here, but this is the kind of thing I think about: climate justice requires local environmental justice, which requires an end to austerity, which requires debt justice. Can we do all of that? Yes! #COP16 #COP29 www.bu.edu/gdp/2024/10/...

bu.edu

From Vicious to Virtuous: Understanding and Re-imagining the Relationships between Debt, Climate and Nature at COP16 | Global Development Policy Center

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