Principals, agents and the limitations of BWI conditionality
Article Abstract:
The International Monetary Fund and the World Bank, jointly referred to as the Bretton Woods Institutions, are limited by conditionality despite their seemingly successful structural adjustment programs (SAP). Among the negative results include the lack of GDP growth among borrower countries, premature death of most programs and the lack of evidence that SAPs help implement policy reforms. The major reasons for these are the programs' dependence on conditionality and lack of incentives to motivate countries.
Publication Name: World Economy
Subject: Economics
ISSN: 0378-5920
Year: 1996
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The Bretton Woods Institutions and the political economy of international monetary reform
Article Abstract:
The Bretton Woods Institutions, or the International Monetary Fund and the World Bank, have shifted from their original task of providing project-based loans to policy-based lending. Both institutions have been successful in improving global economy until the rise in world inflation, currency imbalances and system defects forced them to focus on policy-based lending. It is in the latter role that both institutions were criticized.
Publication Name: World Economy
Subject: Economics
ISSN: 0378-5920
Year: 1996
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Political economy of the Bretton Woods Institutions: adapting to financial change
Article Abstract:
The functions of the International Monetary Fund and the World Bank have been shaped anew to conform to the demands of private financial market changes. With the availability of cheap information on the creditworthiness of borrowers, the IMF was urged to offer information allowing more efficient performance of capital markets. A subagency of both institutions may also be created to protect insolvent debtors from creditors' claims.
Publication Name: World Economy
Subject: Economics
ISSN: 0378-5920
Year: 1996
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