International development banks as centers of technological exchange: Is future here?

Abstract

The problems of technological exchange and technological development are becoming the most important for all groups of countries. Developed countries want to maintain their dominant position, developing countries try to catch them up, and the least developed countries try not to be a raw materials appendage of both the first ones and second ones. Technological convergence can become the answer to the challenges for all countries. The article’s aim is to form theoretical approaches to technological convergence with the development banks participation. The main challenge of the article is the lack of statistical data on the subject, just as the novelty of the scientific field covering technologic convergence itself. The main article’s results are the development of a more equitable technological convergence model, the technology exchange model in Asia, the financial mechanism’s development for technological convergence through development banks and proposals for development banks entering the suggested technological convergence track. Thus, the answer to the question posed in the title is negative, as modern development banks cannot effectively cope with the technological exchange. The key contribution of the article is the creation of the theoretic model for the Asian international development institutions on the technology exchange mechanisms, just as the model of attracting financial resources to the project in the field of technology, interconnected with each other.