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Is two better than one? Effects on growth of Bank-Fund interaction

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  • Sivlai Marchesi

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  • Emanuela Sirtori

Abstract

We estimate the impact on economic growth of the joint participation in both IMF and WB programs. More specifically, using panel data for 128 developing countries over the period 1982-2005, and employing 2SLS to control for the possible endogeneity of participation in an IMF/WB program, we find that even if the WB and the IMF do not boost growth when they operate by themselves, the interaction term between these two organization is positive and significant at conventional levels. However, when we restrict the sample to low and lower middle income countries only (for which Bank-Fund cooperation is more “formalized”) the coefficient of the interaction term is not significant. Thus, so far, a trade-off emerges between a greater precision in the definition of Bank-Fund cooperation and the reliability of the estimates due to an insufficient number of observations.

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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper189.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 189.

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Length: 38 pages
Date of creation: Jun 2010
Date of revision: Jun 2010
Handle: RePEc:mib:wpaper:189

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  1. Axel Dreher & Stephan Klasen & James Raymond Vreeland & Eric Werker, 2010. "The Costs of Favoritism: Is Politically-driven Aid less Effective?," CESifo Working Paper Series 2993, CESifo Group Munich.
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Cited by:
  1. Morana, Claudio, 2013. "Oil price dynamics, macro-finance interactions and the role of financial speculation," Journal of Banking & Finance, Elsevier, vol. 37(1), pages 206-226.
  2. Silvia Marchesi & Laura Sabani, 2013. "Does it take two to tango? How to improve cooperation between the IMF and the World Bank," Working Papers 232, University of Milano-Bicocca, Department of Economics, revised Feb 2013.
  3. Silvia Marchesi & Laura Sabani, 2013. "Does it Take Two to Tango? Improving Cooperation between the IMF and the World Bank: Theory and Empirical Evidence," Development Working Papers 357, Centro Studi Luca d\'Agliano, University of Milano.

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