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The Business of Development: Trends in Lending by Multilateral Development Banks to Latin America, 1980-2009

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  • Michaelowa, Katharina
  • Humphrey, Chris

Abstract

In this paper we investigate how country shareholding arrangements affect the lending of multilateral development banks (MDBs) under different economic conditions and over time. To do so, we consider three different types of MDBs - one dominated by non-borrowers (the World Bank), another controlled by borrowing countries (the Corporación Andina de Fomento, CAF), and a third where control is more evenly split between borrowers and non-borrowers (the Inter-American Development Bank, IADB) - and a common set of borrowing countries in Latin America. Descriptive statistics as well as econometric analysis based on seemingly unrelated regression estimation (SURE) and panel regressions indicate that the lending of the three MDBs does indeed react in a systematically different way to specific economic conditions. As a general trend, countries increasingly favor the CAF and IADB as a source of multilateral borrowing, while during crisis times World Bank lending tends to increase significantly and more strongly than lending by the CAF. IADB lending also increases very strongly during crises, but remains at a relatively high level throughout. In line with expectations based on the different shareholder arrangements, the paper also finds links between borrower government policy stances and World Bank/IADB lending, but none for the CAF. --

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Bibliographic Info

Paper provided by Verein für Socialpolitik, Research Committee Development Economics in its series Proceedings of the German Development Economics Conference, Berlin 2011 with number 57.

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Date of creation: 2011
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Handle: RePEc:zbw:gdec11:57

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  1. Thomas Barnebeck Andersen & Thomas Harr & Finn Tarp, 2004. "On US politics and IMF Lending," Discussion Papers 04-11, University of Copenhagen. Department of Economics.
  2. Ratha, Dilip, 2001. "Demand for World Bank lending," Policy Research Working Paper Series 2652, The World Bank.
  3. Barnett, Michael N. & Finnemore, Martha, 1999. "The Politics, Power, and Pathologies of International Organizations," International Organization, Cambridge University Press, vol. 53(04), pages 699-732, September.
  4. Dreher, Axel & Sturm, Jan-Egbert & Vreeland, James Raymond, 2009. "Development aid and international politics: Does membership on the UN Security Council influence World Bank decisions?," Journal of Development Economics, Elsevier, vol. 88(1), pages 1-18, January.
  5. Roland Vaubel, 2006. "Principal-agent problems in international organizations," The Review of International Organizations, Springer, vol. 1(2), pages 125-138, June.
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Cited by:
  1. Hernandez, Diego, 2013. "Does Inclusion Guarantee Institutional Autonomy? The Case of the Inter-American Development Bank," Working Papers 0541, University of Heidelberg, Department of Economics.

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