Some Implications of Multilateral Financing to the Private Sector without Sovereign Guarantee
AbstractDirect 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 08-2009.
Length: 32 pages
Date of creation: May 2009
Date of revision:
multilateral; development; banks; finance; conditionality; sovereign;
Find related papers by JEL classification:
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- F3 - International Economics - - International Finance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-06-03 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dani Rodrik, 1995.
"Why is there Multilateral Lending?,"
NBER Working Papers
5160, National Bureau of Economic Research, Inc.
- 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.
- 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.
- 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.
- Robert K. Fleck & Christopher Kilby, 2006. "World Bank Independence: A Model and Statistical Analysis of US Influence," Review of Development Economics, Wiley Blackwell, vol. 10(2), pages 224-240, 05.
- 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.
- 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.
- Thomas Barnebeck Andersen & Henrik Hansen & Thomas Markussen, 2004.
"US Politics and World Bank IDA-Lending,"
05-06, University of Copenhagen. Department of Economics, revised May 2005.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alessandra Calosso).
If references are entirely missing, you can add them using this form.