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Explaining coherence in international regime complexes: How the World Bank shapes the field of multilateral development finance

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  • Eugénia C. Heldt
  • Henning Schmidtke

Abstract

The landscape of multilateral development finance has changed dramatically in the past decades. At Bretton Woods, delegates envisioned the World Bank as the focal organization mobilizing financial support for national development strategies. Today, this issue area is populated by no less than 27 multilateral development banks including the Asian Infrastructure Investment Bank and the New Development Bank created under Chinese leadership. This paper shows that, despite this institutional proliferation, the development finance regime remains largely coherent and core governance features designed at Bretton Woods continue to shape the emerging regime complex. We develop a historical institutionalist argument for why newly created institutions are likely to imitate extant institutions. We suggest that states add new institutions not only in response to deficiencies in extant institutions but also to increase their control and reputation. We analyze three causal pathways – path-dependence, orchestration, and independent learning – that contribute to a coherent regime complex. We show that focal international organizations can use their position to prevent incoherence.

Suggested Citation

  • Eugénia C. Heldt & Henning Schmidtke, 2019. "Explaining coherence in international regime complexes: How the World Bank shapes the field of multilateral development finance," Review of International Political Economy, Taylor & Francis Journals, vol. 26(6), pages 1160-1186, November.
  • Handle: RePEc:taf:rripxx:v:26:y:2019:i:6:p:1160-1186
    DOI: 10.1080/09692290.2019.1631205
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    Cited by:

    1. Susanne Lütz, 2021. "Global–Regional Realignments in Trade, Finance and Development: Introduction to the Special Issue," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 5-13, May.
    2. Eugenia Baroncelli, 2021. "Cooperating Through Competition: EU Challenge and Support to the World Bank Focality in Multilateral Development Finance," Global Policy, London School of Economics and Political Science, vol. 12(S4), pages 80-89, May.
    3. Hang Luo & Lize Yang & Kourosh Houshmand, 2021. "Power Structure Dynamics in Growing Multilateral Development Banks: The Case of the Asian Infrastructure Investment Bank," Global Policy, London School of Economics and Political Science, vol. 12(1), pages 24-39, February.
    4. Victoria Kuzenkova, 2021. "Effective Development Institutions," Public administration issues, Higher School of Economics, issue 5, pages 161-175.
    5. Kreuder-Sonnen, Christian & Zürn, Michael, 2020. "After fragmentation: Norm collisions, interface conflicts, and conflict management," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 9(2), pages 241-267.
    6. Megan Dee, 2023. "EU Orchestration in the Nuclear Weapons Regime Complex," Politics and Governance, Cogitatio Press, vol. 11(2), pages 39-48.
    7. Lucia Quaglia & Aneta Spendzharova, 2022. "Regime complexity and managing financial data streams: The orchestration of trade reporting for derivatives," Regulation & Governance, John Wiley & Sons, vol. 16(2), pages 588-602, April.
    8. Matias E. Margulis, 2021. "Intervention by international organizations in regime complexes," The Review of International Organizations, Springer, vol. 16(4), pages 871-902, October.
    9. Bayari, Celal, 2020. "The Neoliberal Globalization Link to the Belt and Road Initiative: The State and State-Owned-Enterprises in China [alternative title: Bilateral and Multilateral Dualities of the Chinese State in the C," MPRA Paper 104471, University Library of Munich, Germany, revised 21 Jul 2020.
    10. Eugenia Baroncelli, 2023. "Implementing the Humanitarian‐development‐peace nexus in a post‐pandemic world: Multilateral cooperation and the challenge of inter‐organisational dialogue," Global Policy, London School of Economics and Political Science, vol. 14(S2), pages 22-28, March.

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