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Abstract
'The IMF and the World Bank at Sixty' presents a selection of essays prepared for the Group of Twenty-Four Developing Nations (G24), by some of the foremost authorities in their fields, which address these challenges and suggest the need for reform in several areas. These essays have one fundamental aim: to improve the functioning of the global economy and to better enable developing countries to share in the prosperity of recent decades.
Ariel Buira is Director of the G24 Secretariat. He has been Special Envoy of the President of Mexico for the UN Conference on Financing for Development, Ambassador of Mexico, Member of the Board of Governors of the Bank of Mexico and Executive Director of the IMF. His publications include 'The IMF and the World Bank at Sixty' (Anthem Press, 2005) and 'Challenges to the World Bank and IMF: Developing Country Perspectives' (Anthem Press, 2003).
As the Bretton Woods institutions enter their sixtieth year, they face a number of challenges. Some are the result of changes that have occurred in the world economy while others are the outcome of their approaches to the problems of stabilization and development, and of their own governance structure. 'The IMF and the World Bank at Sixty' presents a selection of essays prepared for the Group of Twenty-Four Developing Nations (G24), by some of the foremost authorities in their fields, which address these challenges and suggest the need for reform in several areas. Ariel Buira's introduction presents a critical overview of the functioning of the IMF and the international monetary system, underscoring a number of shortcomings that could be remedied to make it more supportive of development through changes in governance. The other essays focus on two areas: financial issues, particularly the prevention of financial crises; and secondly, the policies of the Bretton Woods institutions. These essays have onefundamental aim: to improve the functioning of the global economy and to better enable the developing countries to share in the gains in prosperity of recent decades.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Front Matter | iii | ||
| Half Title | i | ||
| Advance Reviews | ii | ||
| Title | ii | ||
| Copyright | iii | ||
| Table of Contents | v | ||
| Contributors | vii | ||
| Forward, by Gerry Helleiner | xi | ||
| Main Matter | 1 | ||
| Chapter 1: Introduction | 1 | ||
| Notes | 4 | ||
| Chapter 2: The IMF at Sixty: An Unfulfilled Potential? by Ariel Buira | 5 | ||
| Abstract | 5 | ||
| Global Economic Transformation | 6 | ||
| Correcting Global Payments Imbalances | 8 | ||
| The Role of IMF Financing in the Adjustment Process | 12 | ||
| Combating Deflation and Low Levels of Aggregate Demand | 16 | ||
| Financial Crisis Prevention and Resolution | 18 | ||
| The Creation and Management of International Liquidity | 21 | ||
| Responding to Exogenous Shocks | 23 | ||
| Conclusion | 24 | ||
| Appendix 1 | 25 | ||
| Notes | 28 | ||
| References | 29 | ||
| Chapter 3: Conditionality and its Alternatives, by Devesh Kapur | 31 | ||
| Abstract | 31 | ||
| Introduction | 31 | ||
| Why Conditionality? | 33 | ||
| The Evolution of IMF Conditionality | 34 | ||
| Factors Underlying the Growth of Conditionalities | 37 | ||
| The Limitations of Conditionalities | 41 | ||
| Reform Proposals | 46 | ||
| Conclusions | 53 | ||
| Notes | 53 | ||
| References | 55 | ||
| Chapter 4: Mission Creep, Mission Push and Discretion: The Case of IMF Conditionality, by Sarah Babb and Ariel Buira | 59 | ||
| Abstract | 59 | ||
| Mission Creep: The Evidence | 61 | ||
| Mission Creep in Sociological Perspective | 69 | ||
| Some Implications of Recent Trends | 75 | ||
| Conclusion | 76 | ||
| Notes | 78 | ||
| References | 79 | ||
| Chapter 5: Up from Sin: A Portfolio Approach to Salvation, by Randall Dodd and Shari Spiegel | 85 | ||
| Abstract | 85 | ||
| Introduction | 85 | ||
| Overview of the Issue | 87 | ||
| Salvation Through Diversification: A Policy Remedy | 93 | ||
| Track Record | 101 | ||
| Why the Private Sector Has Been Slow to Implement this Strategy | 104 | ||
| Alternative Ownership Structures | 106 | ||
| Economic and Development Consequences | 108 | ||
| Conclusion | 109 | ||
| Appendix 1 | 110 | ||
| Appendix 2 | 110 | ||
| Notes | 112 | ||
| Bibliography | 114 | ||
| Chapter 6: Trip Wires and Speed Bumps: Managing Financial Risks and Reducing the Potential for Financial Crises in Developing Economies, by Ilene Grabel | 117 | ||
| Abstract | 117 | ||
| Introduction | 118 | ||
| Previous Efforts to Predict Financial Turbulence | 121 | ||
| A Proposal for Trip Wires and Speed Bumps | 129 | ||
| The Feasibility of the Trip Wire-Speed Bump Approach | 141 | ||
| Summary | 144 | ||
| Notes | 145 | ||
| References | 146 | ||
| Chapter 7: A Fiscal Insurance Scheme for the Eastern Caribbean Currency Union, by Laura dos Reis | 151 | ||
| Abstract | 151 | ||
| Introduction | 151 | ||
| Background | 152 | ||
| The Benefits and Limitations of Fiscal Insurance | 157 | ||
| Preliminary Evidence for the OECS | 159 | ||
| A Fiscal Insurance Scheme for the OECS | 164 | ||
| Welfare Gains | 167 | ||
| Further Steps on Implementation | 169 | ||
| Conclusions and Suggestions for Future Research | 170 | ||
| Appendix 1 | 171 | ||
| Appendix 2 | 175 | ||
| Appendix 3 | 176 | ||
| Notes | 177 | ||
| References | 178 | ||
| Chapter 8: Who Pays for the World Bank? by Aziz Ali Mohammed | 181 | ||
| Abstract | 181 | ||
| Introduction | 181 | ||
| Evolution of IBRD Equity | 182 | ||
| The Allocation of Net Income and Associated Issues | 184 | ||
| The IBRD as Financial Arbitrageur | 188 | ||
| Concluding Remarks | 191 | ||
| Appendix 1 | 192 | ||
| Notes | 194 | ||
| References | 196 | ||
| Chapter 9: Preventing Industrial Strategy: The Role of Government Policy in Building Industrial Competitiveness, by Sanjaya Lall | 197 | ||
| Abstract | 197 | ||
| Introduction | 197 | ||
| The New Dimensinos of Industrial Competitiveness | 200 | ||
| Why the World Differs from the Neoliberal Ideal | 207 | ||
| Industrialization Strategies in the Mature East Asian Tigers | 213 | ||
| Industrial Policy for the New Era | 223 | ||
| Notes | 228 | ||
| References | 232 | ||
| Chapter 10: Assessing the Risks in the Private Provision of Essential Services, by Tim Kessler | 235 | ||
| Abstract | 235 | ||
| Introduction | 236 | ||
| Trends in Resource Flows | 240 | ||
| Mechanisms for Promoting Private Provision of Services | 244 | ||
| Rationales for Private Provision of Essential Services | 248 | ||
| Conclusion | 274 | ||
| References | 277 | ||
| Chapter 11: How Well Do Measurements of an Enabling Domestic Environment for Development Stand Up? by Barry Herman | 281 | ||
| Abstract | 281 | ||
| Introduction | 281 | ||
| Development Cooperation and Development Advocacy: Why the Indicators Matter | 283 | ||
| World Bank Country Policy and Institutional Assessments | 287 | ||
| Other Approaches to 'Enabling Environment' Indicators | 297 | ||
| Conclusion | 302 | ||
| Appendix 1 | 304 | ||
| Notes | 305 | ||
| References | 308 | ||
| Chapter 12: The Cocoa Market Under Neoliberalism, by Irfan ul Haque | 311 | ||
| Abstract | 311 | ||
| Introduction | 311 | ||
| The Cocoa Market and Price Formation | 312 | ||
| The Impact of Neoliberal Policies | 317 | ||
| Revisiting the Generic Issues | 325 | ||
| Conclusion | 333 | ||
| Notes | 334 | ||
| References | 335 | ||
| End Matter | 337 | ||
| Index | 337 |