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The Political Economy Of International Financial Institutions’ Lending To Pakistan

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Author Info
Anwar, Mumtaz

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Abstract

This paper analyzes the determinants of multilateral aid from international financial institutions (IFIs) to Pakistan, focusing on the world three major IFIs, the World Bank, the IMF and the ADB. Political economic factors, notably bureaucratic interests and major shareholders economic interests, are suspected to be relevant in international aid allocation decisions. Pooled Tobit estimation analyses confirm this hypothesis. Although recipient need also proves to be a relevant determinant of lending, bureaucratic interest outranks the former. Among the main multilateral donors, the IDA and the ADB are shown to be more bureaucratic and stakeholders economic interest-oriented in their lending decisions than the IBRD and the IMF, which tend to adhere to official lending explanations.

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File URL: http://mpra.ub.uni-muenchen.de/5601/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5601.

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Date of creation: 10 Jan 2006
Date of revision: 01 Dec 2006
Publication status: Published in Pakistan Economic and Social Review 44.2(2006): pp. 155-180
Handle: RePEc:pra:mprapa:5601

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Related research
Keywords: Foreign aid International organizations Bureaucracy

Find related papers by JEL classification:
F35 - International Economics - - International Finance - - - Foreign Aid
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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  1. Gang, Ira N. & Lehman, James A., 1990. "New directions or not: USAID in Latin America," World Development, Elsevier, vol. 18(5), pages 723-732, May. [Downloadable!] (restricted)
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  3. Robert K. Fleck & Christopher Kilby, 2006. "World Bank Independence: A Model and Statistical Analysis of US Influence," Review of Development Economics, Blackwell Publishing, vol. 10(2), pages 224-240, 05. [Downloadable!] (restricted)
    Other versions:
  4. Frey, Bruno S. & Schneider, Friedrich, 1986. "Competing models of international lending activity," Journal of Development Economics, Elsevier, vol. 20(2), pages 225-245, March. [Downloadable!] (restricted)
  5. Thomas D. Willett, 2001. "Upping the Ante for Political Economy Analysis of the International Financial Institutions," The World Economy, Blackwell Publishing, vol. 24(3), pages 317-332, 03. [Downloadable!] (restricted)
  6. Thomas E. Borcherding & Portia D. Besocke, 2002. "The Contemporary Political Economy Approach to Bureaucracy," Claremont Colleges Working Papers 2002-06, Claremont Colleges. [Downloadable!]
  7. William Easterly, 2002. "The cartel of good intentions: the problem of bureaucracy in foreign aid," Journal of Policy Reform, Taylor and Francis Journals, vol. 5(4), pages 223-250, December. [Downloadable!] (restricted)
  8. Cline, William R. & Sargen, Nicholas P., 1975. "Performance criteria and multilateral aid allocation," World Development, Elsevier, vol. 3(6), pages 383-391, June. [Downloadable!] (restricted)
  9. Trumbull, William N & Wall, Howard J, 1994. "Estimating Aid-Allocation Criteria with Panel Data," Economic Journal, Royal Economic Society, vol. 104(425), pages 876-82, July. [Downloadable!] (restricted)
  10. Kilby, Christopher, 2005. "Donor Influence in MDBs: the Case of the Asian Development Bank," Vassar College Department of Economics Working Paper Series 70, Vassar College Department of Economics. [Downloadable!]
  11. Andersen, Thomas Barnebeck & Harr, Thomas & Tarp, Finn, 2006. "On US politics and IMF lending," European Economic Review, Elsevier, vol. 50(7), pages 1843-1862, October. [Downloadable!] (restricted)
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  12. Axel Dreher & Nathan Jensen, 2003. "Independent Actor or Agent? An Empirical Analysis of the impact of US interests on IMF Conditions," International Finance 0310004, EconWPA, revised 08 Jan 2004. [Downloadable!]
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  13. Axel Dreher, 2004. "A Public Choice Perspective of IMF and World Bank Lending and Conditionality," Public Choice, Springer, vol. 119(3_4), pages 445-464, 06. [Downloadable!]
  14. Michaelowa, Katharina, 2003. " The Political Economy of the Enhanced HIPC-Initiative," Public Choice, Springer, vol. 114(3-4), pages 461-76, March. [Downloadable!] (restricted)
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