...The Role and Influence of International Financial Institutions Danny Leipziger Abstract Development thinking has evolved from the early works of W. Arthur Lewis and Paul Rosenstein-Rodan and has been influenced by new and varied schools of thought. Emphases have shifted from capital accumulation and technical progress to human capital investment and social inclusion. Institutions have come into the equation, as has a prominent role for markets and for the state as drivers of development. Underlying these views were practicalities that shaped the way countries dealt with their need for foreign capital, the management of the macroeconomy, and their responses to economic and financial crises. There was a prominent role for the so-called Bretton Woods institutions, namely, the World Bank and the International Monetary Fund, in shaping prevailing views of development and putting them into practice. This Danny Leipziger The Role and Influence of IFIs has been important, both directly and indirectly, in affecting policy choices made by developing country governments over past decades. Keywords: Bretton Woods Institutions; World Bank ideology toward development; IMF ideology and development; changing development paradigms; international financial institutions; Bank-Fund Collaboration; Bank-Fund Concordat. Chapter 49 Page 2 Danny Leipziger The Role and Influence of IFIs Introduction International financial institutions (IFIs) have strongly influenced development...
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...Introduction Given the historical and especially the present day’s context of international affairs, the question of whether international institutions matter, seems to be at the center of world politics debates. Depending on the school of thought adopted one might have a very different understanding of what do international institutions mean, what is the process of their development and finally what is their impact in world politics. It is a common belief that international institutions are necessary to promote peace and ensure stability in a state. However, looking from the realist perspective one will tend to be more skeptical when assessing the importance of international institutions and claim that they will not foster cooperation or...
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...INTERNATIONAL FINANCIAL INSTITUTIONS • 1 Types o 1.1 Multilateral development bank o 1.2 Bretton Woods institutions o 1.3 Regional development banks o 1.4 Bilateral development banks and agencies o 1.5 Other regional financial institutions International financial institutions (IFIs) are financial institutions that have been established (or chartered) by more than one country, and hence are subjects ofinternational law. Their owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs. Many of these are multilateral development banks (MDB). TYPES Multilateral development bank A multilateral development bank (MDB) is an institution, created by a group of countries, that provides financing and professional advising for the purpose of development. MDBs have large memberships including both developed donor countries and developing borrower countries. MDBs finance projects in the form of long-term loans at market rates, very-long-term loans (also known as credits) below market rates, and through grants. The following are usually classified as the main MDBs: • World Bank • European Investment Bank(EIB) • Asian Development Bank (ADB) • European Bank for Reconstruction and Development (EBRD) • Inter-American...
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...Roles of International Financial Institutions Marcus Jenkins MGT448 January 10, 2011 Paul Bogert Introduction When listening to the latest television report concerning global business news or world economics, names of financial institutions such as World Bank, International Monetary Funds, and Asian Development Bank may be the center of some discussion. A major player on the global forefront, international financial institutions function much differently from local neighborhood banks. In this paper the author will define the roles of international financial institutions and explain the role international financial institutions play in global financing operations. Also the author describes how international financial institutions can help in managing risks. Defining International Financial Institutions “The international financial institutions (IFIs) are global institutions established to promote economic development and trade” (Arvanitakis, 2001). Governed by international law, these financial institutions are generally established by more than one country. Funded by taxpayers these institutions are also very influential. Each year these institutions lend billions of dollars to help fund economic development and projects in some of the poorer nations in the world. The most prominent example of international financial institutions is the World Bank and the International Monetary Fund (IMF). The World Bank and the International Monetary Fund were the first...
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...POL1EEH International Relations and the Global Economy Take Home Examination 2 November 2012 INSTRUCTIONS: The examination is worth 35% of the final mark for this unit. Students are to answer ONE question from SECTION A and ONE question from SECTION B, each in essay format, independently. Each essay should be approximately 750 words and should be referenced appropriately. Each essay will constitute 50% of the mark for this piece of assessment. Completed exams should be submitted to the Essay Box in the Politics and International Relations Program Office no later than 5pm on Monday 5 November and also lodged electronically via the Turnitin link on LMS. As this is an examination there will be no extensions. Any exams submitted after the due date will receive 0% for this piece of work. If circumstances befall a student during the examination that prevent timely completion, students should contact Dr Jon Symons (J.Symons@latrobe.edu.au) with written evidence of the problem and an alternative time to complete the examination will be arranged. QUESTIONS: SECTION A 1. To what extent have the main features of the global economic order established after World War II been transformed by globalization? 2. ‘The failure of so many multilateral institutions reflects not just the problems of those institutions but the shortcomings of multilateralism more generally.’ Critically evaluate this claim in relation to ONE multilateral institution. 3. To what extent do liberal ideas retain their dominance...
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...What is the role of institutions according to North? How far does this theory go towards explaining the contours of world development in the pre-modern growth era? Maddison (2006) stated that he “would characterise the whole period 1000-1820 as ‘protocapitalist’”. He believes the transition from pre-modern to modern economic growth took place at around 1820. This will set the stage for this discussion. Within that period, there were two groups of countries which were differentiated by their deviation in economic growth. They were the Group A nations, which included Western Europe, Western Offshoots and Japan, while the rest of the world made up the Group B nations. The contours of world development in this era, largely shaped by Douglass North’s theory of institutions, can be categorise into two main subsets which are Gross Domestic Product (GDP) per capita and population demographics, for the purpose of this essay. North (1990) defines institutions as “the rules of the game in a society or, more formally, are the humanly devised constraints that shape human action”. Institutions exist in every economy, in the form of either formal or informal constraints, developed to define the choice sets, within which individuals and organisations make their decisions. Economic growth is heavily dependent on the productivity of an economy, which in turn is affected by the costs involved. In the neoclassical world of complete information, the gains of trade are only negated by the costs...
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...Budget Management? Jack Diamond © 2005 International Monetary Fund WP/05/104 IMF Working Paper Fiscal Affairs Department Reforming the Russian Budget System: A Move to More Devolved Budget Management? Prepared by Jack Diamond1 May 2005 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. The Russian federal government has recently initiated a fundamental reform of its budget system, encompassing important policy, procedural, and institutional changes. This paper reviews this reform agenda with reference to the experience of industrial countries that over the past two to three decades have followed a similar reform path toward a more devolved budget management system. From this perspective, the importance of the strength of existing public expenditure management systems to accommodate increased devolution and the scope for employing decentralized agencies is explored. An assessment of the present Russian reform plans in light of this review reveals a number of concerns. First, the speed of the reforms contemplated appears overly ambitious when judged by the experience of other countries. Second, the preparedness of budget institutions is questionable. Third, change management capacity...
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...Public Administration consists of, amid other things, principles that are created by the people for the people. The key purpose of having principles is to facilitate orderly living within the community and for government institutions to continue to promote the general welfare of society. Thus here, we shall further discuss the key values of society that are often reflected in public administration. Firstly, according to the text book Public Administration and Management by DFP Du Toit & G Van Der Waldt, in Chapter 4 (Principles of public administration), the word ‘principle’ has various definitions. A principle is defined as a conviction, a standard or rule of personal conduct or a set of moral rules of personal conduct and a general truth underlying reason or action. From this, groupings of classifications of principles were created, principles that emanate from various policies including the Constitution of the Republic of South Africa 108 of 1996. The purpose is to be able to state what is and is not acceptable in a society and this is also known as the behavioural norms of society. Without them, anarchy could result within the society involved. For example, crime in any form is the result of members of society who choose to ignore the accepted principles that create and facilitate orderly living amid the society at whole and as a result, those who choose to live by the unaccepted behavourial norms occasionally create their own. For these reasons, public administration had...
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...GOVERNMENT OF KARNATAKA VISION GROUP ON SCIENCE AND TECHNOLOGY DEPARTMENT OF INFORMATION TECHNOLOGY, BIOTECHNOLOGY & SCIENCE AND TECHNOLOGY _______________________________________________________________________ Call for proposals to provide VGST grants and awards for the following VGST programmes for the financial year 2013-14 Establishment of Centers of Excellence in Science, Engineering and Medicine (CESEM) Establishment of Centers of Innovative Science Engineering and Education (CISEE) Karnataka Fund for Improvement of Science and Technology Infrastructure (K-FIST) in Higher Educational Institutions Seed Money to Young Scientists for Research (SMYSR) Awards for Research Publications (ARP) Awards for Science Teachers and Science Communicators (AST&SC) ______________________________________________________________________ 1 2 3 4 5 6 OBJECTIVES: PROPOSAL CISEE/ of VGST for programmes CESEM, VGST grants for CISEE, CESEM/ Annexure-1 Annexure-2 (Part –A, B, C & D) Annexure-3 (Part –A & B) APPLICATION AST&SC Guidelines Terms & Conditions to utilize VGST grant (GTC) List of 114 Backward Talukas (as per Prof. D. M. Nanjundappa Committee Report) under the Special Development Programmed (SDP) of GoK. K-FIST, SMYSR, ARP & ASTSC FORMAT: K-FIST/ SMYSR programmes APPLICATION FORMAT: for VGST award scheme ARP FORMAT: for VGST award schemes Annexure-4 (Part –A & B) Annexure-5 Annexure-6 7 Note: SDP Allocation Details Annexure-7 ______________________________________________________________________...
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... Issues Successful management of colleges and universities depends upon the ability of the senior leaders to adapt to rapidly changing external environment. Unfortunately, the lead time once enjoyed by decisionmakers to analyze and respond to these and other changes is decreasing. Traditional long-range planning models, with their inward focus and reliance on historical data, do not encourage decisionmakers to anticipate environmental changes and assess their impact on the organization (Cope, 1981). The underlying assumption of such models is that any future change is a continuation of the direction and rate of present trends among a limited number of social, technological, economic, and political variables. Thus, the future for the institution is assumed to reflect the past and present or, in essence, to be "surprise-free." However, we know that this is not true, and the further we plan into the future, the less it will be true. What is needed is a method that enables decisionmakers both to understand the external environment and the interconnections of its various sectors and to translate this understanding into the institution's planning and decisionmaking processes.Environmental scanning is a method of accomplishing this. Brown and Weiner (1985) define environmental scanning as "a kind of radar to scan the world systematically and signal the new, the unexpected, the major and...
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...York University is a social economic institution that has been open since 1959. It is not part of the public or private sector, but rather part of the third sector, the Social Economy. Jack Quarter explains the social economy as "an integrated system of institutions working toward common social goals, rather than the current reality of relatively independent institutions" (Quarter, P. (X) 10). This is only a piece of the Social Economy as it relates to other factors. The reasons for York University being a social economy institution can be explained in various ways. However, I am going focus on three, Volunteerism, Ownership rights, and Governance. There are many characteristics defining how the University is related to the social economy...
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...process and it connection to institutions is highly important for explaining why certain countries are less developed than the other ones. Economic growth is defined as “An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth can be measured in nominal terms, which include inflation, or in real terms, which are adjusted for inflation. For comparing one country's economic growth to another, GDP or GNP per capita should be used as these take into account population differences between countries. (http://www.investopedia.com/). The role of institutions in economic growth was first proposed in writings of Adam Smith in 1776. Later in 1993 Douglass North received a Nobel Prize for his work on connection between institutions and economic growth. By studying history, analyzing data and statistics we can see that high quality institution have positive effect on economic growth and therefore on income in a long and short runs. In order to prove it we are going to find out what economic institutions are, why they are matte, what are the reasons behind different institutions in different countries and finally support it with historical facts. 1 Links between economic growth and economic institution What are institutions? The term “Economic institutions” can be defined in mach different way and have multiple meanings. On the one hand North (1990, p.3 ) defines institutions in a general wide way as “ the...
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...Addis Ababa University School of Social Work Community Assessment Report Community: ANKORCHA By: Genene Yilma Yohannes Feyyisa Melsew Kibret Melese Yirga Mengistie Tegenie Feyisa Negashu Mussie Atlabachew Zebib Nesru Submitted to : Wassie Kebede(PhD) April/2014 Table of Contents Acknowledgement ………………….. ………………… Acronyms IGA – Income Generating Activities KII- Key Informant Interview FGD- Focus Group Discussion List of Appendices Appendix A – Interview guide for community members Appendix B – Interview guide for wereda government officials Appendix C – Focus Group Discussion (FGD) guide for the community members (male and female separately) Appendix D – Observation Checklist Appendix E – Group Action plan Appendix F – list of assessment participants 1. Executive Summary 2. Purpose of the Community The purpose of the assessment was aimed at exploring existing community resources/capacities, Strength and Asset, and their needs so as to submit the findings to school of social work and concerned government offices. 3. Methodology 4.1. Data collection Instruments In order to learn about the Ankorcha community we collected both primary and secondary...
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...at criminal organizations would be to compare them to social institutions. A social institution on defined as a group of people who get together with a common purpose. Some social organizations are Lions club, Veterans of foreign wars, Shiners, and even the Boy Scouts. A criminal organizations is also a group of people that get together with a common purpose, this purpose would be committing crime. Both Social Institutions and criminal organizations are managed by one person who makes all the decisions. The big difference between the two is that social institutions are legal in nature with criminal organizations or illegal. Organized crime is a business like any other legal business. They both have structure and the general purpose is the same, to make money. A criminal organizations in general makes moneys with little to no overhead because they do not buys their product and resale it. Criminal organizations steal most of their product. A legal business produces or purchases their goods for resale. This is one of the major differences between social institutions and criminal organizations. There is evidence showing that criminal organizations so a patterns of networking to grow their business, A partnership, or a patron-client relationship (Lyman, 2007). Once again these are very similar on how legal businesses are operated. Criminal organizations also operate in a very hostile environment. A legal social institution work in harmony with to achieve the same goal as a criminal...
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...UGC-DAE Consortium for Scientific Research, Indore [UGC-DAE CSR] University Campus, Khandwa Road, Indore-452 001 (M.P.) (www.csr.ernet.in) (Advertisement No. 4-2012) Invitation for Expression of Interest by Chartered Accountants UGC-DAE Consortium for Scientific Research, Indore (UGC-DAE CSR) is an autonomous institution established by the UGC, New Delhi under Section 12 (ccc) of the University Grants Commission Act 1956 and registered as Society under M P Registrikaran Adhiniyam 1973 with headquarters at Indore and Centres at Indore, Mumbai and Kolkata. The UGC-DAE CSR coordinates research from scientists / teachers from all Indian Universities on major facilities like Dhruva reactor, Variable Energy Cyclotron, INDUS-I etc. established by the Department of Atomic Energy. In addition, the Centres are also having many advanced research facilities. UGC-DAE CSR is fully funded by University Grants Commission (UGC). Other institutions also sanction specific and temporary scientific research projects from time to time. Financial transactions and Auditing of financial accounts, Statement of Accounts and Certificate of Utilization of Grants are governed by Memorandum of Association & Rules, Bye-Laws & Service Conditions, General Financial Rules of Govt. of India, Orders of UGC and orders issued thereunder from time to time. UGC-DAE CSR’s expenses was Rs.2,951 lakhs for year 2011-12 and sanctioned strength was of 137 employees as on 31-March-2012. All the...
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