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Reforming the Bretton Woods Institutions


  • Kunibert Raffer

    (University of Vienna, Austria)


: There is an urgent need of fundamental reforms of IBRD and IMF. Both institutions have repeatedly violated their own Articles of Agreement, creating damage to their members. Thwarting its founders’ intentions the IBRD has refrained from shouldering risks appropriately. This paper shows how financial accountability and professional standards comparable to private consultants can be introduced for both projects and programmes. The grave systemic moral hazard that these Institutions gain financially and institutionally from damages negligently done to their clients must be removed. One solution recommended for programmes was first proposed at the University of Zagreb in 1987.

Suggested Citation

  • Kunibert Raffer, 2002. "Reforming the Bretton Woods Institutions," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 5(Special C), pages 97-108, December.
  • Handle: RePEc:zag:zirebs:v:5:y:2002:i:sci:p:97-108

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    Cited by:

    1. Dženan Đonlagić & Amra Kožarić, 2010. "Justification Of Criticism Of The International Financial Institutions," Economic Annals, Faculty of Economics, University of Belgrade, vol. 55(186), pages 115-132, July – Se.

    More about this item


    Bretton Woods Institutions; multilateral lending; financial accountability;

    JEL classification:

    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility


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