We estimate the impact on economic growth of the joint participation in both IMF and World Bank programs. More specifically, using panel data for 128 developing countries over the period 1982-2005, and employing 2SLS to control for the possible endogeneity of participation in an IMF/World Bank program, we find that the interaction between these two organizations has a positive and significant impact on growth. The paper then opens up interesting new research questions related to investigate further on the effects of Bank-Fund simultaneous action and, to the extent to which their stronger impact on growth may depend on Bank-Fund interaction, also ways to optimize their joint effect through greater cooperation. © 2011 Springer Science + Business Media, LLC.
Marchesi, S., Sirtori, E. (2011). Is two better than one? Effects on growth of Bank-Fund interaction. THE REVIEW OF INTERNATIONAL ORGANIZATIONS, 6(3), 287-306 [10.1007/s11558-011-9107-8].
Is two better than one? Effects on growth of Bank-Fund interaction
MARCHESI, SILVIA;
2011
Abstract
We estimate the impact on economic growth of the joint participation in both IMF and World Bank programs. More specifically, using panel data for 128 developing countries over the period 1982-2005, and employing 2SLS to control for the possible endogeneity of participation in an IMF/World Bank program, we find that the interaction between these two organizations has a positive and significant impact on growth. The paper then opens up interesting new research questions related to investigate further on the effects of Bank-Fund simultaneous action and, to the extent to which their stronger impact on growth may depend on Bank-Fund interaction, also ways to optimize their joint effect through greater cooperation. © 2011 Springer Science + Business Media, LLC.
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