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Open AccessArticle

Economic Development and the World Bank

1
Department of Political Science, University College London, London WC1H 9QU, UK
2
Department of Political Science, University of Laval, Québec, QC G1V 0A6, Canada
*
Author to whom correspondence should be addressed.
Soc. Sci. 2019, 8(5), 156; https://doi.org/10.3390/socsci8050156
Received: 2 April 2019 / Revised: 2 May 2019 / Accepted: 13 May 2019 / Published: 17 May 2019
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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. View Full-Text
Keywords: World Bank; international financial organizations; program lending; economic growth; economic development World Bank; international financial organizations; program lending; economic growth; economic development
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
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Abouharb, M.R.; Duchesne, E. Economic Development and the World Bank. Soc. Sci. 2019, 8, 156.

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