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Economic Development and the World Bank

Abouharb, M; Duchesne, E; (2019) Economic Development and the World Bank. Social Sciences , 8 (5) , Article 156. 10.3390/socsci8050156. Green open access

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Abstract

We contribute to the research stream examining the effects of World Bank lending programs on economic growth in developing economies. We contend that it is important to distinguish between the short-term effects and extended exposure of countries to these lending programs and also to assess the Bank’s (late 1990s) reforms to improve the effectiveness of these programs in recipient countries to assess whether program lending has any positive impacts on economic growth. Our comparative cross-national findings using instrumental variables analysis to control for endogeneity between program participation and economic growth demonstrate that both the short-term and longer exposure to program lending worsens economic growth. We find no evidence that World Bank reforms improved economic growth rates in the post-reform (1999–2009) period. Our findings are robust to changes in model specifications and estimation techniques. Future research should examine whether these reforms had beneficial impacts in other societal areas affected by program lending.

Type: Article
Title: Economic Development and the World Bank
Open access status: An open access version is available from UCL Discovery
DOI: 10.3390/socsci8050156
Publisher version: https://doi.org/10.3390/socsci8050156
Language: English
Additional information: This work is licensed under a Creative Commons Attribution 4.0 International License. The images or other third party material in this article are included in the article’s Creative Commons license, unless indicated otherwise in the credit line; if the material is not included under the Creative Commons license, users will need to obtain permission from the license holder to reproduce the material. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/
Keywords: World Bank; international financial organizations; program lending; economic growth; economic development
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Political Science
URI: https://discovery.ucl.ac.uk/id/eprint/10074334
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