Corporate Governance at the World Bank and the Dilemma of Global Governance
110 citations recorded by the source corpus.
Most major decisions at the World Bank are made by its Board of Executive Directors. While some countries enjoy the opportunity to serve on this powerful body, most countries rarely, if ever, get that chance. This gives rise to the question: Does board membership lead to higher funding from the World Bank's two main development financing institutions, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Empirical analysis shows that developing countries serving on the board can expect more than double the funding from the IBRD as countries not on the board. In absolute terms, countries on the board receive an average 60 million dollar 'bonus' in IBRD loans, an amount that rises in years when IBRD loans are in high demand, Particularly for countries in the most influential seats. This effect is more likely driven by informal rules and norms in the boardroom than by the power of the vote itself. No significant effect is found in IDA funding. These results point to challenges of global governance through representative institutions.
Subfields: Development, Information Systems, Sociology and Political Science
View Paper: https://www.semanticscholar.org/paper/c0139177206d59d08bfee0a56b32d0f60f4b2635
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Citations in the corpus
- Membership has Its Privileges - The Effect of Membership in International Organizations on FDI (2015, unknown): “Countries serving on the Board of Executive Directors at the World Bank receive substantially larger credits than other countries (Kaja and Werker 2010). According to Schneider (2010), European Union (EU) governments attempting to increase their re-election prospects can increase their country’s sha”
- Pleasing the Principal: U.S. Influence in World Bank Policymaking (2020, background): “This resonates with the experience of one senior official who has represented the U.S. on the Board at both the World Bank and the IMF: “[DPLs/DPFs] are not make or break loans for a country’s economy.”