The World Bank since Bretton Woods

Front Cover
Brookings Institution Press, Dec 1, 2010 - Political Science - 915 pages

This book examines the origins, policies, operations, and impact of the International Bank for Reconstruction and Development and the other members of the World Bank group: the International Finance Corporation, the International Development Association,and the International Centre for Settlement of Investment Disputes.

 

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Contents

Introduction
1
How the Bank Came into Being
11
Preparatory Work on the Bank
14
Atlantic City
19
Bretton Woods
21
Organizational Questions
28
Ratification
33
The Bank Opens for Business
36
Adequacy of IDA Structure
413
IDA in Perspective
417
Leverage and Performance
420
Sources of Bank Influence or Leverage
424
Project and Sector Performance
434
Country Performance
441
The Banks Conception of the Development Process and Its Role Therein
457
The Early Period
458

Arrival and Departure of the First President
40
Interregnum and Installation of a New Team
48
Basic Agreement with the United Nations and Early Relations with Other International Agencies
54
Resignation of the Second President
60
Summary
61
Organizational and Institutional Evolution
62
Membership and Voting
63
Growth and Internationalization of Staff
66
Organizational Evolution
72
Executive Directors and the Presidents They Elect
87
Presidents and Their Presidencies
94
Three Perspectives
101
Financing the Bank
105
Capital Subscriptions Earnings and Equity
108
The Bank as a Borrower
124
Summary and Conclusions
147
The Bank as a Supplier of Capital 19471952
150
Early Lending
153
Early Nonlending
169
Lending 194752 Classified by Purpose and Area
176
A Preview
177
Summary
189
The Bank Group as a Supplier of Capital 19521971
191
Geographical Distribution of Bank Group Loans and Credits
193
Distribution of Bank Group Lending among Economic Sectors
199
Share of Bank Group in Total Official Development Assistance
207
Terms of Bank Group Lending
210
Repayments from Borrowers and Their Effect on Net Lending and Net Capital Transfers of the Bank Group
217
The Burden of Debt and the Problem of Debt Rescheduling
221
Summary and Conclusions
226
Project Lending and Project Appraisal
229
Project Selection and Preparation
232
Project Appraisal
235
Innovations in Project Appraisal
240
Economic and Financial Rates of Return
247
Project Supervision
254
Summary and Conclusions
257
Program Lending and Local Expenditure Financing
260
Development of Bank Policy on Local Expenditure Financing
275
Industrial Import Credits
282
Summary and Conclusions
289
The Bank and IDA as Sources of Technical Assistance
295
Assistance in Development Programming
299
1965 and After
305
Assistance in Project Identification and Preparation
307
Cooperative Arrangements with FAO and Unesco
314
Technical Assistance Incorporated in Loans and Credits
315
Permanent Missions Impermanent Missions and Development Advisory Services
320
The Economic Development Institute
324
In Summary
331
The Bank Group and the Private Investor
335
Promoting Private International Capital Flows
336
Bank Group Financing of Private Industrial Enterprise
345
Mobilizing Domestic Capital for Investment
366
Summary and Conclusions
378
The International Development Association
380
Prehistory of IDA 194959
381
IDA Articles of Agreement
389
Use of IDA Resources
396
Replenishment of IDA Resources
406
Later Developments
469
More Recent Views
473
Summary and Conclusions
479
A Note on the Meaning of Economic Development
481
The Bank Group and Bilateral Development Finance
491
The Bank and US Government Programs
494
The Bank and Other Bilateral Programs
505
Consortia and Consultative Groups
510
Joint and Parallel Financing
528
A Retrospective View
535
The World Bank and the International Monetary Fund
538
The International Monetary Fund
539
Institutional Relationships
544
Stabilization and Growth
554
The Bank Group and Other International Organizations
559
Pre1958 Relations with the United Nations
561
Post1958 Relations with UN Development Machinery
566
The Bank and the Organisation for Economic Cooperation and Development
576
The Bank and Regional Development Banks
578
Portugal and South Africa
586
Some Concluding Thoughts
591
The Bank as International Mediator Three Episodes
595
Water
610
The High Dam
627
Conclusion
642
Beginnings of a Balance Sheet Five Country Vignettes
647
The Bank and Colombia
649
The Bank and Brazil
657
The Bank in the Subcontinent
665
The Bank and Thailand
683
Postscript
691
The Balance Sheet Continued Sectoral and Overall Impact
693
Overall Impact
694
Transportation
706
Agriculture
710
Electric Power
715
Other Sectors
718
The Legacy in Brief
721
At the Threshold of the Banks Second Quarter Century
723
Financial Prospects
726
Scope and Direction of Bank Group Lending
731
Terms of Future Bank Group Lending
735
Organization and Administration of the Bank
737
The Bank Group and the Private Sector
743
The Bank as Part of an Emerging International System
749
A Final Word
754
Appendixes
757
Articles of Agreement
759
A2 Excerpts from Articles of Agreement of the International Finance Corporation
780
A3 Excerpts from Articles of Agreement of the International Development Association
787
Presidents Vice Presidents Numbers of Members and Executive Directors and Volume of Operations
797
Membership Voting Power and Subscriptions to Capital Stock
800
Chronology
812
Loans Credits and Investments
827
Sources of IBRD Funds
857
Disbursements by Country of Supply and by Category of Goods
861
Organization and Personnel
865
Selected Readings and Reference Materials
882
Index
891
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About the author (2010)

Edward S. Mason has been Lamont Professor of Economics at Harvard University, president of the American Economic Association, and a consultant to the World Bank.

Robert E. Asher, a senior fellow at the Brookings Institution from 1954 until his retirement in 1972 and a former Vice President of the Society for International Development, has been on numerous U.S. government and international agency assignments in the less developed world. His books include Grants, Loans, and Local Currencies: Their Role in Foreign Aid (1961), Development Assistance in the Seventies: Alternatives for the United States (1970), and co-authorship of The United Nations and Promotion of the General Welfare (1957).

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