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The 14th AFD International Research Conference on Development has started with three Academic Days that took place from 3 to 5 November 2020. This online workshop was dedicated to researchers and experts from academia, think tanks and international organizations. These Academic Days were coorganized by the Institute of New Structural Economics (INSE) at Peking University and the Agence française de développement (AFD). The researchers involved in the International Research Initiative on Public Development Banks (PDBs) working groups and pilot research program have presented their findings. This network of thematically-focused open working groups, involving 28 researchers from 20 institutions across the globe, was launched by the Institute of New Structural Economics (INSE) at Peking University, and sponsored by the Agence française de développement (AFD), Ford Foundation, and the International Development Finance Club (IDFC). In total 15 research papers have already been discussed, covering the five key challenges exposed by the research program: The characterization of SDG-compatible investments; Business models; Governance; The financial regulation of PDBs; The global development finance architecture. During this third and last session, the following research papers have been presented and discussed: The Global Development Banks' Architecture, by José Antonio Ocampo (School of International and Public Affairs, SIPA, Columbia University); Victor Ortega (School of International and Public Affairs, SIPA, Columbia University); Exchange Rate and Balance of Payment Risks in the Global Development Finance Architecture, by Alfredo Curutchet Schclarek (National Scientific and Technical Research Council, Argentina); Jiajun Xu (INSE); From Global to Local: Subnational Development Banks in the Era of Sustainable Development Goals, by Sergio Gusmão Suchodolski (Development Bank of Minas Gerais, BDMG); Adauto Modesto Junior (BDMG); Cinthia Helena de Oliveira Bechelaine (BDMG); Leila Maria Bedeschi Costa (BDMG); Funding Sources of National Development Banks, by Jiajun Xu (INSE); Kedi Wang (INSE); Xinshun Ru (INSE). For more information and for downloading the research papers: www.afd.fr/en/actualites/agenda/visible-hand-development-banks-transition