Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization?
Globalization could significantly expand trade, international investment, and technological advances, but the gains from global integration have been unevenly distributed across and within nations. Greater global interdependence has also brought gr...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2001/01/888055/can-reforming-global-institutions-help-developing-countries-share-more-benefits-globalization http://hdl.handle.net/10986/19727 |
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okr-10986-19727 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ADB ADVERSE EFFECTS AUTONOMY BALANCE OF PAYMENTS BANK LENDING BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY COURTS BONDS BORROWING BUREAUCRATIC STRUCTURES CAPITAL FLOWS CAPITAL FORMATION CAPITAL MARKETS CAPITAL MOBILITY CAPITAL STANDARDS CENTRAL BANK COLLECTIVE ACTION COMPLEX TASK CONDITIONALITY CONSUMPTION PATTERNS CONTAGION DEBT DEFICITS DEVELOPED COUNTRIES DEVELOPMENT ASSISTANCE DEVELOPMENT ECONOMICS DIRECT INVESTMENT DIVISION OF LABOR ECONOMIC ACTIVITY ECONOMIC CHANGE ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC ORDER ECONOMIC POLICIES EMPIRICAL EVIDENCE EQUALIZATION EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPORT GROWTH EXPORTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL GOVERNANCE FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL REFORM FINANCIAL REGULATION FINANCIAL STABILITY FINANCIAL TRANSACTIONS FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FREE TRADE FULL EMPLOYMENT GATT GDP GLOBALIZATION GOVERNANCE PROBLEMS INCOME INCOME DISTRIBUTION INCOME LEVELS INDUSTRIAL ECONOMIES INEQUALITY INFLATION INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSURANCE INTEREST RATES INTERNATIONAL FINANCIAL TRANSACTIONS INTERNATIONAL TRADE LABOR MARKETS LABOR UNIONS LENDER OF LAST RESORT LENDERS OF LAST RESORT LENDING INSTITUTIONS LIQUIDITY LIVING STANDARDS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMICS MANDATES MARKET ECONOMY MASS MEDIA MIDDLE INCOME COUNTRIES MIGRATION MORAL HAZARD NATIONAL DEVELOPMENT NATIONAL ECONOMIC POLICIES NATIONAL ECONOMIES NATIONAL ECONOMY NATIONAL LEVEL NATIONAL POLICIES OIL PER CAPITA INCOME POLICY MAKERS POLITICAL INSTITUTIONS PRODUCTION TECHNOLOGY PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC POLICY REAL INCOME REGIONAL DEVELOPMENT BANKS REGIONAL FINANCIAL INSTITUTIONS RESERVE ASSETS SDRS SOCIAL POLICIES SOCIAL SECURITY SOCIAL SERVICES STAGFLATION TECHNICAL ASSISTANCE TELECOMMUNICATIONS TERMS OF TRADE TIMBER TRANSITION ECONOMIES TRANSPARENCY TRANSPORT UNEMPLOYMENT WEALTH WEALTH CREATION |
| spellingShingle |
ADB ADVERSE EFFECTS AUTONOMY BALANCE OF PAYMENTS BANK LENDING BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY COURTS BONDS BORROWING BUREAUCRATIC STRUCTURES CAPITAL FLOWS CAPITAL FORMATION CAPITAL MARKETS CAPITAL MOBILITY CAPITAL STANDARDS CENTRAL BANK COLLECTIVE ACTION COMPLEX TASK CONDITIONALITY CONSUMPTION PATTERNS CONTAGION DEBT DEFICITS DEVELOPED COUNTRIES DEVELOPMENT ASSISTANCE DEVELOPMENT ECONOMICS DIRECT INVESTMENT DIVISION OF LABOR ECONOMIC ACTIVITY ECONOMIC CHANGE ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC ORDER ECONOMIC POLICIES EMPIRICAL EVIDENCE EQUALIZATION EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPORT GROWTH EXPORTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL GOVERNANCE FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL REFORM FINANCIAL REGULATION FINANCIAL STABILITY FINANCIAL TRANSACTIONS FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FREE TRADE FULL EMPLOYMENT GATT GDP GLOBALIZATION GOVERNANCE PROBLEMS INCOME INCOME DISTRIBUTION INCOME LEVELS INDUSTRIAL ECONOMIES INEQUALITY INFLATION INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSURANCE INTEREST RATES INTERNATIONAL FINANCIAL TRANSACTIONS INTERNATIONAL TRADE LABOR MARKETS LABOR UNIONS LENDER OF LAST RESORT LENDERS OF LAST RESORT LENDING INSTITUTIONS LIQUIDITY LIVING STANDARDS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMICS MANDATES MARKET ECONOMY MASS MEDIA MIDDLE INCOME COUNTRIES MIGRATION MORAL HAZARD NATIONAL DEVELOPMENT NATIONAL ECONOMIC POLICIES NATIONAL ECONOMIES NATIONAL ECONOMY NATIONAL LEVEL NATIONAL POLICIES OIL PER CAPITA INCOME POLICY MAKERS POLITICAL INSTITUTIONS PRODUCTION TECHNOLOGY PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC POLICY REAL INCOME REGIONAL DEVELOPMENT BANKS REGIONAL FINANCIAL INSTITUTIONS RESERVE ASSETS SDRS SOCIAL POLICIES SOCIAL SECURITY SOCIAL SERVICES STAGFLATION TECHNICAL ASSISTANCE TELECOMMUNICATIONS TERMS OF TRADE TIMBER TRANSITION ECONOMIES TRANSPARENCY TRANSPORT UNEMPLOYMENT WEALTH WEALTH CREATION Solimano, Andres Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization? |
| relation |
Policy Research Working Paper;No. 2518 |
| description |
Globalization could significantly expand
trade, international investment, and technological advances,
but the gains from global integration have been unevenly
distributed across and within nations. Greater global
interdependence has also brought greater macroeconomic
volatility, resulting in several serious financial crises in
the second half of the 1990s. The global matrix of Bretton
Woods and United Nations institutions that developed
starting in the 1940s, formed under a different balance of
power, in a world of fixed exchange rates and limited
capital mobility. Since the 1960s regional financial
institutions have emerged because of the greater autonomy of
different regions and the greater financial needs of
development. The author reviews different proposals for
reform of the international financial institutions and
changes in the roles of the International Monetary Fund
(IMF) and the World Bank. He highlights the implications for
developing countries of (1) Policy conditionality. (2) The
countercyclical role of multilaterals' lending. (3)
Greater lending to middle-income than to low-income
developing countries. (3) Access to liquidity at times of
crisis. (4) Mechanisms for giving low-income countries a
greater voice in IMF and World Bank decisionmaking. The
author streses the overlapping responsibilities of the
Bretton Woods and regional financial institutions and the
need to reassess the allocation of responsibilities and to
develop better coordination mechanisms between these
institutions. Those designing institutional reform must
consider the corporate capabilities of each type of
institution. The corporate cultures of global and regional
institutions differ. So does the kind of knowledge they
generate and disseminate, and so do patterns of interactions
with, and mechanisms for representation of, client
countries.Finally, the author calls attention to the need to
harmonize national and global growth-oriented policies in a
way that reduces volatility and promotes social equity. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Solimano, Andres |
| author_facet |
Solimano, Andres |
| author_sort |
Solimano, Andres |
| title |
Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization? |
| title_short |
Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization? |
| title_full |
Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization? |
| title_fullStr |
Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization? |
| title_full_unstemmed |
Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization? |
| title_sort |
can reforming global institutions help developing countries share more in the benefits from globalization? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2001/01/888055/can-reforming-global-institutions-help-developing-countries-share-more-benefits-globalization http://hdl.handle.net/10986/19727 |
| _version_ |
1764440489785819136 |
| spelling |
okr-10986-197272021-04-23T14:03:44Z Can Reforming Global Institutions Help Developing Countries Share More in the Benefits from Globalization? Solimano, Andres ADB ADVERSE EFFECTS AUTONOMY BALANCE OF PAYMENTS BANK LENDING BANKING SYSTEM BANKING SYSTEMS BANKRUPTCY BANKRUPTCY COURTS BONDS BORROWING BUREAUCRATIC STRUCTURES CAPITAL FLOWS CAPITAL FORMATION CAPITAL MARKETS CAPITAL MOBILITY CAPITAL STANDARDS CENTRAL BANK COLLECTIVE ACTION COMPLEX TASK CONDITIONALITY CONSUMPTION PATTERNS CONTAGION DEBT DEFICITS DEVELOPED COUNTRIES DEVELOPMENT ASSISTANCE DEVELOPMENT ECONOMICS DIRECT INVESTMENT DIVISION OF LABOR ECONOMIC ACTIVITY ECONOMIC CHANGE ECONOMIC GROWTH ECONOMIC INTEGRATION ECONOMIC ORDER ECONOMIC POLICIES EMPIRICAL EVIDENCE EQUALIZATION EQUILIBRIUM EXCHANGE RATE EXCHANGE RATES EXPORT GROWTH EXPORTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL GOVERNANCE FINANCIAL INSTITUTIONS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL REFORM FINANCIAL REGULATION FINANCIAL STABILITY FINANCIAL TRANSACTIONS FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FREE TRADE FULL EMPLOYMENT GATT GDP GLOBALIZATION GOVERNANCE PROBLEMS INCOME INCOME DISTRIBUTION INCOME LEVELS INDUSTRIAL ECONOMIES INEQUALITY INFLATION INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSURANCE INTEREST RATES INTERNATIONAL FINANCIAL TRANSACTIONS INTERNATIONAL TRADE LABOR MARKETS LABOR UNIONS LENDER OF LAST RESORT LENDERS OF LAST RESORT LENDING INSTITUTIONS LIQUIDITY LIVING STANDARDS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMICS MANDATES MARKET ECONOMY MASS MEDIA MIDDLE INCOME COUNTRIES MIGRATION MORAL HAZARD NATIONAL DEVELOPMENT NATIONAL ECONOMIC POLICIES NATIONAL ECONOMIES NATIONAL ECONOMY NATIONAL LEVEL NATIONAL POLICIES OIL PER CAPITA INCOME POLICY MAKERS POLITICAL INSTITUTIONS PRODUCTION TECHNOLOGY PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC POLICY REAL INCOME REGIONAL DEVELOPMENT BANKS REGIONAL FINANCIAL INSTITUTIONS RESERVE ASSETS SDRS SOCIAL POLICIES SOCIAL SECURITY SOCIAL SERVICES STAGFLATION TECHNICAL ASSISTANCE TELECOMMUNICATIONS TERMS OF TRADE TIMBER TRANSITION ECONOMIES TRANSPARENCY TRANSPORT UNEMPLOYMENT WEALTH WEALTH CREATION Globalization could significantly expand trade, international investment, and technological advances, but the gains from global integration have been unevenly distributed across and within nations. Greater global interdependence has also brought greater macroeconomic volatility, resulting in several serious financial crises in the second half of the 1990s. The global matrix of Bretton Woods and United Nations institutions that developed starting in the 1940s, formed under a different balance of power, in a world of fixed exchange rates and limited capital mobility. Since the 1960s regional financial institutions have emerged because of the greater autonomy of different regions and the greater financial needs of development. The author reviews different proposals for reform of the international financial institutions and changes in the roles of the International Monetary Fund (IMF) and the World Bank. He highlights the implications for developing countries of (1) Policy conditionality. (2) The countercyclical role of multilaterals' lending. (3) Greater lending to middle-income than to low-income developing countries. (3) Access to liquidity at times of crisis. (4) Mechanisms for giving low-income countries a greater voice in IMF and World Bank decisionmaking. The author streses the overlapping responsibilities of the Bretton Woods and regional financial institutions and the need to reassess the allocation of responsibilities and to develop better coordination mechanisms between these institutions. Those designing institutional reform must consider the corporate capabilities of each type of institution. The corporate cultures of global and regional institutions differ. So does the kind of knowledge they generate and disseminate, and so do patterns of interactions with, and mechanisms for representation of, client countries.Finally, the author calls attention to the need to harmonize national and global growth-oriented policies in a way that reduces volatility and promotes social equity. 2014-08-26T20:37:28Z 2014-08-26T20:37:28Z 2001-01 http://documents.worldbank.org/curated/en/2001/01/888055/can-reforming-global-institutions-help-developing-countries-share-more-benefits-globalization http://hdl.handle.net/10986/19727 English en_US Policy Research Working Paper;No. 2518 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |