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World Bank Borrower Relations and Project Supervision

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Author Info
Kilby, Christopher () (Vassar College Department of Economics)

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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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Paper provided by Vassar College Department of Economics in its series Vassar College Department of Economics Working Paper Series with number 32.

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Date of creation: Mar 1995
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Publication status: Published in Canadian Journal of Development Studies, March 2001, 22(1):191-218.
Handle: RePEc:vas:papers:32

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  1. Burnside, Craig & Dollar, David, 1997. "Aid, policies, and growth," Policy Research Working Paper Series 1777, The World Bank. [Downloadable!]
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  1. Kilby, C., 1995. "Supervision and Performance : The Case of World Bank Projects," Discussion Paper 45, Tilburg University, Center for Economic Research. [Downloadable!]
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This page was last updated on 2009-12-2.

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