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Merry Sisterhood or Guarded Watchfulness? Cooperation Between the International Monetary Fund and the World Bank

Author

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  • Michael Fabricius

    (Former Consultant to the International Monetary Fund and the World Bank)

Abstract

Since their inception at the end of the Second World War, the sister organizations of the World Bank and the International Monetary Fund (IMF) have aimed to consistently speak with one voice vis-à-vis their member governments. However, anecdotal evidence suggests that they often do not speak in one voice. Fabricius draws on field research conducted in Ghana, Pakistan, Peru, and Vietnam to identify the conditions that determine whether or not the organizations are indeed on the same page and to address whether their traditional plea for consistency is always desirable. He recommends which measures seem crucial to ensure Bank-Fund consistency. At the same time he argues that under certain conditions, this consistency may lead to policy choices that are only second-best. He proposes that the Bank and the Fund pursue a case-specific approach in deciding whether they should take the same stance. A more flexible approach may increase not only the ownership of borrowing countries but also the sustainability of policy choices.

Suggested Citation

  • Michael Fabricius, 2007. "Merry Sisterhood or Guarded Watchfulness? Cooperation Between the International Monetary Fund and the World Bank," Working Paper Series WP07-9, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp07-9
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    File URL: https://www.piie.com/publications/working-papers/merry-sisterhood-or-guarded-watchfulness-cooperation-between
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    Citations

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    Cited by:

    1. Marchesi, Silvia, 2018. "Communication and performance in Bank–Fund joint participation," Research in Economics, Elsevier, vol. 72(2), pages 263-276.
    2. Silvia Marchesi & Laura Sabani, 2013. "Does it Take Two to Tango? Improving Cooperation between the IMF and the World Bank: Theory and Empirical Evidence," Development Working Papers 357, Centro Studi Luca d'Agliano, University of Milano.
    3. Silvia Marchesi & Emanuela Sirtori, 2011. "Is two better than one? The effects of IMF and World Bank interaction on growth," The Review of International Organizations, Springer, vol. 6(3), pages 287-306, September.
    4. Silvia Marchesi & Laura Sabani, 2013. "Does it take two to tango? How to improve cooperation between the IMF and the World Bank," Working Papers 232, University of Milano-Bicocca, Department of Economics, revised Feb 2013.
    5. Katharina Michaelowa, 2011. "Comment on Marchesi and Sitori (2011): Why is two better than one? Some comments on cooperation and competition between the World Bank and the IMF," The Review of International Organizations, Springer, vol. 6(3), pages 461-467, September.

    More about this item

    Keywords

    World Bank; International Monetary Fund; cooperation; roles; Bretton Woods;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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