INTERNATIONAL FINANCIAL INSTITUTIONS AND INTERNATIONAL PUBLIC GOODS: OPERATIONAL IMPLICATIONS FOR THE WORLD BANK

Ravi Kanbur

No 19, G-24 Discussion Papers from United Nations Conference on Trade and Development

Abstract: The global International Financial Institutions (IFIs) increasingly justify their operations in terms of the provision of International Public Goods (IPGs). This is partly because there appears to be support among the rich countries of the North for expenditures on these IPGs, in contrast to the "aid fatigue" that afflicts the channelling of country specific assistance. But do the IFIs necessarily have to be involved in the provision of IPGs? If they do, what are the terms and conditions of that engagement? How does current practice compare to the ideal? And what reforms are needed to move us closer to the ideal? These are the questions that this paper attempts to ask, in the framework of the theory of International Public Goods, and in light of the practice of International Financial Institutions, the World Bank in particular. For the World Bank, a series of specific operational and resource reallocation implications are drawn from the reasoning.

Date: 2002
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