GOV_298_7-1 - Development organizations Part 1 The World Bank Plan Movie time World Bank vs IMF Governance World Bank structure Movies Coming Soon

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Development organizations Part 1 – The World Bank
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Plan Movie time World Bank vs. IMF Governance World Bank structure
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Movies
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Coming Soon:
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Discussion Do you think that global institutions (e.g., the IMF) are the best mechanism for governing today’s global economy? Arguments for regional organizations? Arguments against regional organizations? Arguments against all organizations?
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Thinking Strategically If Japan knew the chances of the AMF actually existing were very slim, then do you think the reason for trying to establish an AMF was for adjustments to the IMF to give them more resources and liquidity because of the economic crisis? Chris Wright ’11
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Thinking “counterfactually” Would Asian countries have received increased vote shares at the IMF in the aftermath of the East Asian Financial Crisis without the leverage of the AMF threat?
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Reply from Phillip Lipscy Sounds like you have some really bright students! Based on my conversations with the relevant officials, I think this is indeed part of the story. Within the Japanese foreign policy establishment, there's something of a divide between Asia-oriented and internationally-oriented officials. Sakakibara and Kuroda are more on the Asia-side, and my impression is that they genuinely wanted an AMF that could act autonomously of the IMF. This is also true for potential borrowers in Asia such as Malaysia - they have argued for a CMI/CMIM more autonomous from the IMF. (CMIM=Chiang Mai Initiative Multilateralisation) ht p:/ www.bangkokpost.com/breakingnews/136780/asean-3-agree-to-expand-cmim However, subsequent Japanese policy on the CMI/CMIM has emphasized tying most of the lending to IMF conditionality, and internationalist officials in Japan often mention using the CMI/CMIM as a way to enhance Asia's "voice" at the IMF. So both motivations are at play. Practically speaking, an autonomous AMF would need to have some mechanism for autonomous conditionality. Working out this issue is a major problem for China and Japan, who contribute the lion's share of reserves and don't want to be blamed for imposing conditionality on their Asian neighbors.
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On to the World Bank…
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Key differences between the IMF and the World Bank IMF: Mission creep development Large loans for macro-targets ($ 100s millions- billions ) Staff: around 2000 people World Bank Development Smaller loans ($10s millions-$100 millions) Specific projects (dam, schools, oil pipeline) Multiple projects in one country big countries may have several project loans, e.g., India >10 Staff ~ 10,000 people
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The World Bank The primary DEVELOPMENT international institution Projects of various scopes in both emerging market & poor countries 2006: Issued $23.6 billion (loans & grants) Through 279 projects Critics (e.g. Easterly 2005): World Bank has fallen short of its goals of improving living
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This note was uploaded on 01/16/2012 for the course GOVT 298 taught by Professor Staff during the Spring '10 term at Georgetown.

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GOV_298_7-1 - Development organizations Part 1 The World Bank Plan Movie time World Bank vs IMF Governance World Bank structure Movies Coming Soon

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