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Some Implications of Multilateral Financing to the Private Sector without Sovereign Guarantee

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  • Elio Londero

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Abstract

Direct lending by multilateral development banks to the private sector without sovereign guarantee raises two important issues. First, their presence in the financial markets alters the perception of risk, and that difference in perceived risk carries a market value; the question becomes who appropriates it. Second, by advising on policy matters related to activities that they are or may become interested in financing, or in which they have outstanding balances without sovereign guarantee, multilaterals put themselves in a conflict of interest that may affect their performance in informational and conditionality functions.

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Bibliographic Info

Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 08-2009.

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Length: 32 pages
Date of creation: May 2009
Date of revision:
Handle: RePEc:icr:wpicer:08-2009

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Keywords: multilateral; development; banks; finance; conditionality; sovereign;

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  1. Fleck, Robert K. & Kilby, Christopher & Fleck, Robert K., 2001. "World Bank Independence: A Model and Statistical Analysis of U.S. Influence," Vassar College Department of Economics Working Paper Series 53, Vassar College Department of Economics.
  2. Thomas Barnebeck Andersen & Henrik Hansen & Thomas Markussen, 2004. "US Politics and World Bank IDA-Lending," Discussion Papers 05-06, University of Copenhagen. Department of Economics, revised May 2005.
  3. Kilby, Christopher, . "The Political Economy of Conditionality: An Empirical Analysis of World Bank Enforcement," Vassar College Department of Economics Working Paper Series 92, Vassar College Department of Economics.
  4. Dani Rodrik, 1995. "Why is there Multilateral Lending?," NBER Working Papers 5160, National Bureau of Economic Research, Inc.
  5. Patrick Honohan, 1995. "The Public Policy Role of the European Investment Bank within the EU," Journal of Common Market Studies, Wiley Blackwell, vol. 33(3), pages 315-330, 09.
  6. Christopher Kilby, 2006. "Donor influence in multilateral development banks: The case of the Asian Development Bank," The Review of International Organizations, Springer, vol. 1(2), pages 173-195, June.
  7. Jonathan R. Strand, 2003. "Measuring voting power in an international institution: the United States and the inter-American development bank," Economics of Governance, Springer, vol. 4(1), pages 19-36, 04.
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