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World Bank-borrower relations and project supervision

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  • Kilby, C.

    (Tilburg University, Center for Economic Research)

Abstract

This paper explores the relevance of the principal-agent model for analyzing development projects using data from World Bank-funded projects. After demonstrating that World Bank loan agreements can be viewed as principal-agent contracts, the paper explores the importance of the agency problem in determining project performance. Predictions from an adversarial model contrast with those of a cooperative model. The importance of information in the adversarial model links World Bank supervision to project performance. Data support the relevance of the agency problem and the role of supervision as monitoring. The paper concludes with suggestions for modifying project selection and implementation to reduce agency problems.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1994-14.

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Date of creation: 1994
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Handle: RePEc:dgr:kubcen:199414

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Web page: http://center.uvt.nl

Related research

Keywords: Developing Countries; World Bank;

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References

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  1. Gauthier, B., 1990. "Agency Problems And Structural Arrangements Within International Economic Organizations: The Case Of The World Bank," Papers 143, Washington St. Louis - School of Business and Political Economy.
  2. Kilby, C., 1995. "Supervision and Performance : The Case of World Bank Projects," Discussion Paper 1995-45, Tilburg University, Center for Economic Research.
  3. David Dollar & Craig Burnside, 2000. "Aid, Policies, and Growth," American Economic Review, American Economic Association, vol. 90(4), pages 847-868, September.
  4. Bijl, P.W.J. de, 1994. "Delegation of responsibility in organizations," Discussion Paper 1994-69, Tilburg University, Center for Economic Research.
  5. Singh, Nirvikar, 1985. "Monitoring and Hierarchies: The Marginal Value of Information in a Principal-Agent Model," Journal of Political Economy, University of Chicago Press, vol. 93(3), pages 599-609, June.
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Cited by:
  1. Axel Dreher & Stephan Klasen & James Raymond Vreeland & Eric Werker, 2010. "The costs of favoritism: Is politically-driven aid less effective?," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 26, Courant Research Centre PEG.
  2. Dreher, Axel & Klasen, Stephan & Raymond, James & Werker, Eric, 2010. "The costs of favoritism: Is politically-driven aid less effective?," Center for European, Governance and Economic Development Research Discussion Papers 97, University of Goettingen, Department of Economics.
  3. Kilby, Christopher, 2000. "Supervision and performance: the case of World Bank projects," Journal of Development Economics, Elsevier, vol. 62(1), pages 233-259, June.

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