scholarly journals Reimagining the World Bank: Global Public Goods in an Age of Crisis

World Affairs ◽  
2021 ◽  
Vol 184 (2) ◽  
pp. 151-175
Author(s):  
Dominik Kopiński ◽  
Marek Wróblewski
Keyword(s):  
Public Goods ◽  
World Bank ◽  
International Collaboration ◽  
Global Public Goods ◽  
Senior Staff ◽  
The World Bank ◽  
Multilateral Institutions ◽  
Global Challenges ◽  
The World ◽  
Operational Constraints

For some time now, there has been a push for the World Bank to shift its focus toward global public goods (GPGs). These are goods that, once delivered, can be unrestrictedly consumed by most—if not all—countries on the planet. Nor are their benefits rivalrous. Moreover, the production of GPGs cannot be left to markets or individual countries, as these have suboptimal incentives to act. In the wake of the COVID-19 outbreak, the concept of GPGs has seen a revival of sorts, with the pandemic not only striking just as multilateralism was at its lowest ebb, but also serving as irrefutable proof that the world needs international collaboration now more than ever. Multilateral institutions, and in particular the World Bank—a leading global institution with global membership—can rightfully be regarded as a possible solution to many global challenges. Based on interviews conducted with World Bank senior staff, as well as numerous experts, this article discusses arguments in favor of such a strategic shift. While there are legitimate claims for the Bank becoming a full-fledged provider of GPGs, the institution’s historical roots and operational constraints make this an unlikely prospect.

Introduction: The Players and the Game of Sovereign Debt

2007 ◽  
Vol 21 (1) ◽  
pp. 5-32 ◽  
Author(s):  
Barry Herman
Keyword(s):  
World Bank ◽  
Commercial Banks ◽  
Sovereign Debt ◽  
Foreign Debt ◽  
National Court ◽  
Government Bonds ◽  
The World Bank ◽  
Multilateral Institutions ◽  
The World ◽  
The International Monetary Fund

This essay characterizes the main actors and how they operate during a buildup of government foreign debt and after a default on payments. These actors are the borrowing governments, domestic and foreign commercial banks, purchasers of government bonds, other governments lending to the debtor, and multilateral institutions (the International Monetary Fund and development banks). As there is no international sovereign analog to national court-supervised bankruptcy in the case of countries, the workout from crises, mainly hitting poorer economies, occurs without legislated rules or an enforcement mechanism, although the IMF (sometimes with the World Bank) serves as an informal umpire for the global financial community.

The World Bank: Why It Is Still Needed and Why It Still Disappoints

2016 ◽  
Vol 30 (1) ◽  
pp. 77-94 ◽  
Author(s):  
Martin Ravallion
Keyword(s):  
World Bank ◽  
Low Income ◽  
Poverty Reduction ◽  
Low Income Countries ◽  
Global Poverty ◽  
Global Public Goods ◽  
The Public ◽  
The Past ◽  
The World Bank ◽  
The World

Does the World Bank still have an important role to play? How might it fulfill that role? The paper begins with a brief account of how the Bank works. It then argues that, while the Bank is no longer the primary conduit for capital from high-income to low-income countries, it still has an important role in supplying the public good of development knowledge—a role that is no less pressing today than ever. This argument is not a new one. In 1996, the Bank’s President at the time, James D. Wolfensohn, laid out a vision for the “knowledge bank,” an implicit counterpoint to what can be called the “lending bank.” The paper argues that the past rhetoric of the “knowledge bank” has not matched the reality. An institution such as the World Bank—explicitly committed to global poverty reduction—should be more heavily invested in knowing what is needed in its client countries as well as in international coordination. It should be consistently arguing for well-informed pro-poor policies in its member countries, tailored to the needs of each country, even when such policies are unpopular with the powers-that-be. It should also be using its financial weight, combined with its analytic and convening powers, to support global public goods. In all this, there is a continuing role for lending, but it must be driven by knowledge—both in terms of what gets done and how it is geared to learning. The paper argues that the Bank disappoints in these tasks but that it could perform better.

The World Bank at 75

2016 ◽  
Vol 07 (01) ◽  
pp. 1650001
Author(s):  
Scott Morris ◽  
Madeleine Gleave
Keyword(s):  
International Development ◽  
World Bank ◽  
Global Environment ◽  
Infrastructure Investment ◽  
75Th Anniversary ◽  
Global Public Goods ◽  
International Bank ◽  
The World Bank ◽  
The World ◽  
The Face

As the World Bank approaches its 75th anniversary, it faces a rapidly changing global environment. Economic growth among developing countries means that, according to our projections, up to 42 current International Development Association (IDA) countries and 36 current International Bank for Reconstruction and Development (IBRD) countries could be eligible to graduate from their respective lending windows by 2019 under the bank's current rules. Changing dynamics in financial supply, both within and outside of the bank, and demand, e.g., for massive infrastructure investment or global public goods, indicate a need to rethink the bank's core lending model. This paper examines ways in which seeming immoveable forces underlying the World Bank's work might finally be ripe for change in the face of shifting development needs.

scholarly journals MULTILATERALISM AND THE UN IN SOUTH AFRICA'S FOREIGN POLICY

2016 ◽  
Vol 4 (8) ◽  
Author(s):  
Chris Landsberg
Keyword(s):  
South Africa ◽  
Sustainable Development ◽  
Human Rights ◽  
United Nations ◽  
International Law ◽  
World Bank ◽  
Trading System ◽  
The World Bank ◽  
Multilateral Institutions ◽  
The World

Post-apartheid South Africa pursued a pro-multilateral stance in world – regarding multilateral institutions as crucial instruments for reinforcing its new-found image as a champion for southern African and African causes. Challenging the hegemony and dominance of western powers in particular, powerful countries in general, was at the heart of South Africa’s multilateral strategies. Central to all multilateral engagements was respect for international law and the centrality of the United Nations (UN), stressing the promotion of human rights, debt relief, peace and stability, an equitable global trading system and sustainable development. Also of priority was reform of the UN and institutions of global governance, including the World Bank and International Monetary Fund.

World Bank/USAID co-hosted debate on "funding allocations for HIV/AIDS", webcasted live from the World Bank

2012 ◽  
Author(s):  
Timothy Mah ◽  
Marelize Gorgens ◽  
Elizabeth Ashbourne ◽  
Cristina Romero ◽  
Nejma Cheikh
Keyword(s):  
World Bank ◽  
The World Bank ◽  
The World ◽  
Hiv Aids
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