Reforming the Bretton Woods Institutions

Author

Kunibert Raffer (kunibert.raffer@gmx.at)

Zagreb International Review of Economics and Business, 2002, vol. 5, issue Special Conference Issue, pages 97-108

Abstract: : There is an urgent need of fundamental reforms of IBRD and IMF. Both institutions have repeatedly violated their own Articles of Agreement, creating damage to their members. Thwarting its founders’ intentions the IBRD has refrained from shouldering risks appropriately. This paper shows how financial accountability and professional standards comparable to private consultants can be introduced for both projects and programmes. The grave systemic moral hazard that these Institutions gain financially and institutionally from damages negligently done to their clients must be removed. One solution recommended for programmes was first proposed at the University of Zagreb in 1987.

Keywords: Bretton Woods Institutions; multilateral lending; financial accountability(search for similar items in EconPapers)
JEL-codes: O19 F33 F34 M14 (search for similar items in EconPapers)
Date: 2002
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