Reforming the Bretton Woods Institutions
Abstract: There is an urgent need of fundamental reforms of IBRD and IMF. Both institutions have repeatedly violated their own Articles of Agreement, creating damage to their members. Thwarting its founders’ intentions the IBRD has refrained from shouldering risks appropriately. This paper shows how financial accountability and professional standards comparable to private consultants can be introduced for both projects and programmes. The grave systemic moral hazard that these Institutions gain financially and institutionally from damages negligently done to their clients must be removed. One solution recommended for programmes was first proposed at the University of Zagreb in 1987.
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Bibliographic InfoArticle provided by Faculty of Economics and Business, University of Zagreb in its journal Zagreb International Review of Economics and Business.
Volume (Year): 5 (2002)
Issue (Month): Special Conference Issue (December)
Postal: Zagreb International Review of Economics and Business, Faculty of Economics and Business, Trg J. F. Kennedy 6, 10000 Zagreb, Croatia.
Find related papers by JEL classification:
- O19 - Economic Development, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Social Responsibility
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