Lessons from Large Adjustment Loans

This note presents the lessons from the assessments that are likely to be most useful to country directors, and task teams preparing new adjustment operations. The five adjustment loans (two in Argentina, and one each in Korea, Malaysia, and Russia...

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Main Author:	Morrow, Daniel
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADJUSTMENT LOANS BANK REFORM BORROWER COMMITMENT COMMITMENTS CONDITIONALITY DEVELOPMENT ECONOMICS ECO EMERGING MARKETS FINANCIAL CRISIS GOOD PRACTICE GOOD PRACTICES GOVERNMENT POLICIES LEARNING LOAN POLITICAL PARTIES QUALITY ASSURANCE QUALITY ASSURANCE GROUP REALISM TRANCHE WORLD BANK LOANS ADJUSTMENT LENDING ADJUSTMENT PROCESS REFORM POLICY GOVERNMENT OWNERSHIP CASE STUDIES POLICY OBJECTIVES POLITICAL DECISION MAKING ADMINISTRATIVE CAPABILITY CONSENSUS BUILDING REFORM IMPLEMENTATION PARTNERSHIPS KNOWLEDGE BASED SYSTEMS BANK'S CATALYTIC ROLE PROJECT DESIGN
Online Access:	http://documents.worldbank.org/curated/en/1999/08/2505401/lessons-large-adjustment-loans http://hdl.handle.net/10986/11467

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spelling	okr-10986-114672021-04-23T14:02:55Z Lessons from Large Adjustment Loans Morrow, Daniel ADJUSTMENT LOANS BANK REFORM BORROWER COMMITMENT COMMITMENTS CONDITIONALITY DEVELOPMENT ECONOMICS ECO EMERGING MARKETS FINANCIAL CRISIS GOOD PRACTICE GOOD PRACTICES GOVERNMENT POLICIES LEARNING LOAN POLITICAL PARTIES QUALITY ASSURANCE QUALITY ASSURANCE GROUP REALISM TRANCHE WORLD BANK LOANS ADJUSTMENT LENDING ADJUSTMENT PROCESS REFORM POLICY GOVERNMENT OWNERSHIP CASE STUDIES POLICY OBJECTIVES POLITICAL DECISION MAKING ADMINISTRATIVE CAPABILITY CONSENSUS BUILDING REFORM IMPLEMENTATION QUALITY ASSURANCE PARTNERSHIPS KNOWLEDGE BASED SYSTEMS BANK'S CATALYTIC ROLE PROJECT DESIGN CONDITIONALITY This note presents the lessons from the assessments that are likely to be most useful to country directors, and task teams preparing new adjustment operations. The five adjustment loans (two in Argentina, and one each in Korea, Malaysia, and Russia) show that applying basic lessons is not always straightforward, however, and, sometimes involves making tradeoffs among Bank objectives. It is stipulated policy objectives are more likely to be achieved, if there is substantial borrower ownership. To this end, support for new policies should be established, towards generating broad political ownership, including engaging key players in incoming administrations, to help build ownership of reforms. Moreover, combined, the Bank's country knowledge and global expertise, can generate quality operations, that forge local partnerships, draws on prior experience, and maintains a minimum knowledge base. This is to say, setting priorities, and sequencing reforms should be carefully included during the design phase, with particular attention to avoid excessively broad conditionality, which may reduce the probability of real progress on key reforms. 2012-08-13T15:09:03Z 2012-08-13T15:09:03Z 1999-08 http://documents.worldbank.org/curated/en/1999/08/2505401/lessons-large-adjustment-loans http://hdl.handle.net/10986/11467 English PREM Notes; No. 27 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Brief Publications & Research Latin America & Caribbean East Asia and Pacific Europe and Central Asia Argentina Malaysia Russian Federation Korea, Republic of
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ADJUSTMENT LOANS BANK REFORM BORROWER COMMITMENT COMMITMENTS CONDITIONALITY DEVELOPMENT ECONOMICS ECO EMERGING MARKETS FINANCIAL CRISIS GOOD PRACTICE GOOD PRACTICES GOVERNMENT POLICIES LEARNING LOAN POLITICAL PARTIES QUALITY ASSURANCE QUALITY ASSURANCE GROUP REALISM TRANCHE WORLD BANK LOANS ADJUSTMENT LENDING ADJUSTMENT PROCESS REFORM POLICY GOVERNMENT OWNERSHIP CASE STUDIES POLICY OBJECTIVES POLITICAL DECISION MAKING ADMINISTRATIVE CAPABILITY CONSENSUS BUILDING REFORM IMPLEMENTATION QUALITY ASSURANCE PARTNERSHIPS KNOWLEDGE BASED SYSTEMS BANK'S CATALYTIC ROLE PROJECT DESIGN CONDITIONALITY
spellingShingle	ADJUSTMENT LOANS BANK REFORM BORROWER COMMITMENT COMMITMENTS CONDITIONALITY DEVELOPMENT ECONOMICS ECO EMERGING MARKETS FINANCIAL CRISIS GOOD PRACTICE GOOD PRACTICES GOVERNMENT POLICIES LEARNING LOAN POLITICAL PARTIES QUALITY ASSURANCE QUALITY ASSURANCE GROUP REALISM TRANCHE WORLD BANK LOANS ADJUSTMENT LENDING ADJUSTMENT PROCESS REFORM POLICY GOVERNMENT OWNERSHIP CASE STUDIES POLICY OBJECTIVES POLITICAL DECISION MAKING ADMINISTRATIVE CAPABILITY CONSENSUS BUILDING REFORM IMPLEMENTATION QUALITY ASSURANCE PARTNERSHIPS KNOWLEDGE BASED SYSTEMS BANK'S CATALYTIC ROLE PROJECT DESIGN CONDITIONALITY Morrow, Daniel Lessons from Large Adjustment Loans
geographic_facet	Latin America & Caribbean East Asia and Pacific Europe and Central Asia Argentina Malaysia Russian Federation Korea, Republic of
relation	PREM Notes; No. 27
description	This note presents the lessons from the assessments that are likely to be most useful to country directors, and task teams preparing new adjustment operations. The five adjustment loans (two in Argentina, and one each in Korea, Malaysia, and Russia) show that applying basic lessons is not always straightforward, however, and, sometimes involves making tradeoffs among Bank objectives. It is stipulated policy objectives are more likely to be achieved, if there is substantial borrower ownership. To this end, support for new policies should be established, towards generating broad political ownership, including engaging key players in incoming administrations, to help build ownership of reforms. Moreover, combined, the Bank's country knowledge and global expertise, can generate quality operations, that forge local partnerships, draws on prior experience, and maintains a minimum knowledge base. This is to say, setting priorities, and sequencing reforms should be carefully included during the design phase, with particular attention to avoid excessively broad conditionality, which may reduce the probability of real progress on key reforms.
format	Publications & Research :: Brief
author	Morrow, Daniel
author_facet	Morrow, Daniel
author_sort	Morrow, Daniel
title	Lessons from Large Adjustment Loans
title_short	Lessons from Large Adjustment Loans
title_full	Lessons from Large Adjustment Loans
title_fullStr	Lessons from Large Adjustment Loans
title_full_unstemmed	Lessons from Large Adjustment Loans
title_sort	lessons from large adjustment loans
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/1999/08/2505401/lessons-large-adjustment-loans http://hdl.handle.net/10986/11467
_version_	1764416840629485568

Lessons from Large Adjustment Loans

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