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Expansive agendas and weak instruments: governance related conditionalities of international financial institutions

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  • Devesh Kapur

Abstract

This paper analyzes the new lending conditionalities of the Bretton Woods institutions in the area of “governance” in a sample of twenty-five upper tranche arrangements in 1999. It finds that the scope and number of conditions, defined both narrowly and loosely, have expanded. Is this expansion likely to improve the quality of the development process? The paper's findings are negative based on a retrospective analysis of the effectiveness of conditionalities in shaping borrower behavior as well as the content of the current agenda with respect to three important issues: the problems posed by aggregation and trade-offs among conditionalities; the relative emphasis on external versus internal factors; and the temporal dimension of the institutional underpinnings of “good governance.” The paper argues that the pessimistic prognosis is further reinforced when taking into account the governance and interests of the IFIs themselves and their consequences on the content and enforcement of conditionalities.

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  • Devesh Kapur, 2001. "Expansive agendas and weak instruments: governance related conditionalities of international financial institutions," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(3), pages 207-241.
    • Handle: RePEc:taf:jpolrf:v:4:y:2001:i:3:p:207-241
    DOI: 10.1080/13841280108523420
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    Cited by:

    1. Melanie S. Milo, 2007. "Integrated Financial Supervision : An Institutional Perspective for the Philippines," Finance Working Papers 22667, East Asian Bureau of Economic Research.
    2. Deepa Narayan, 2005. "Measuring Empowerment : Cross Disciplinary Perspectives," World Bank Publications - Books, The World Bank Group, number 7441.
    3. Manuel Couret Branco, 2007. "The Logic of Globalization and Substantive Democracy," Economics Working Papers 01_2007, University of Évora, Department of Economics (Portugal).
    4. Ali Burak Güven, 2012. "The IMF, the World Bank, and the Global Economic Crisis: Exploring Paradigm Continuity," Development and Change, International Institute of Social Studies, vol. 43(4), pages 869-898, July.
    5. Geske Dijkstra & Dieudonné Bitondo & Sibout Nooteboom & Reinoud Post & Gwen van Boven, 2017. "Supporting Governance of Economic Development: The PAANEEAC Experience in Central Africa," Journal of Developing Societies, , vol. 33(1), pages 51-74, March.
    6. Hicks, Robert L. & Parks, Bradley C. & Tierney, Michael J., 2005. "Explaining the Allocation of Bilateral and Multilateral Environmental Aid to Developing Countries," 2005 Annual meeting, July 24-27, Providence, RI 19346, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Milo, Melanie S., 2007. "Integrated Financial Supervision: an Institutional Perspective for the Philippines," Discussion Papers DP 2007-17, Philippine Institute for Development Studies.

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