Sobre el gobierno corporativo de los organismos multilaterales de crédito

The paper discuss the correspondence between the organizational form of multilateral lending institutions and its aim and performance. It is based on the microeconomic of the banking sector and identify financial and contractual risks, and alternative forms of corporate governance as an institutional response to mitigate those risks. The approach draws from the Transaction Costs Economics and is illustrated by the case of the Fondo Latinoamericano de Reserva (Latin American Reserve Fund). The Fondo is undergoing a mayor revision of its objectives, due to an expansion strategy and the strengthening of its organizational and institutional capabilities. Our main argument is that the expansion strategies under debate should incorporate as the main element considerations of their impact on the current corporate governance. Sustancial amendment of the actual corporate governance involve policymaking and operational definitions to be explicit at the decision stage. As a result, this paper suggests a cautious development expansion, which align the objectives of the institution with an appropriate and consensual development of their current capabilities, while maintaining the advantages of the current corporate governance