{"title":"The Asian Development Bank","authors":"D. Barjot, P. Lanthier","doi":"10.1093/OSO/9780198861089.003.0004","DOIUrl":"https://doi.org/10.1093/OSO/9780198861089.003.0004","url":null,"abstract":"Rivalry between the United States and Japan over Asian economic growth left its mark on the ‘personality’ of the Asian Development Bank (ADB). The evolution of the ADB provides, therefore, interesting insights as regards the extent to which a principal-agent approach can be used to shed light on this regional development bank’s evolution. Usually, a principal-agent approach opposes the owner (principal) to the manager (agent). Competition observed in the ADB opposes less the principals to the agent than the principals with each other. The ADB Charter ensures regional members a majority of ‘voice’ in the Bank and that smaller members have a minimum of representation. Moreover, competition between the United States and Japan during the 1990s encouraged other member countries to counterbalance the leaders’ influence by increasing their share in voting power. China’s entry into the Bank from 1986 also contributed to diversifying the points of view among the member countries.","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123823598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Asian Infrastructure Investment Bank","authors":"Jiajun Xu","doi":"10.1093/OSO/9780198861089.003.0009","DOIUrl":"https://doi.org/10.1093/OSO/9780198861089.003.0009","url":null,"abstract":"The chapter tackles three key questions: why the Asian Infrastructure Investment Bank (AIIB) was established; what is the likely evolution of the AIIB’s mandate; how to compare the AIIB’s infrastructure financing with that of the ADB. The author finds that, first, China undertook the leadership to establish the AIIB, not only because the existing US-led MDB and RDB—notably the World Bank—failed to provide sufficient infrastructure financing, but also, more importantly, China was impatient with the slow progress in the governance reform of the existing MDB and RDB. Second, the core mandate of the AIIB is unlikely to shift in the foreseeable future, notably because the Bank was set up to redress the problem of the proliferating development agenda in the existing MDB. Third, compared to the ADB, the AIIB has a much clearer focus on infrastructure financing with a rapidly growing membership and a non-resident Board. The AIIB’s operations will expand quickly.","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"218 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122398129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The European Bank for Reconstruction and Development","authors":"S. Shields","doi":"10.1093/OSO/9780198861089.003.0008","DOIUrl":"https://doi.org/10.1093/OSO/9780198861089.003.0008","url":null,"abstract":"The European Bank for Reconstruction and Development (EBRD) is not a regional development bank in the way that we might traditionally think of such institutions. This chapter sets out to explore what the implications of this might be in the context of two of the major themes that structure this edited volume: market promotion and regional integration. The chapter does this by outlining briefly the significance of the historical context of the constitutive moment when the EBRD was established. The chapter then utilizes these broad heuristics to analyse the social and intellectual context of transition amid the four policy shifts in the EBRD at various critical historical junctures: (1) Initial market construction; (2) institutional shock therapy; (3) the promotion of neoliberal competitiveness; and then (4) post-crisis re-invigoration; before offering some reflections on the EBRD as regional development bank within the wider framing of the principal agent problem.","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"21 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131776010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The African Development Bank","authors":"Erika Kraemer-Mbula","doi":"10.1007/978-1-349-70154-4_60","DOIUrl":"https://doi.org/10.1007/978-1-349-70154-4_60","url":null,"abstract":"","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129005884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Considerations in the Initial Design of Regional Development Banks","authors":"Steven D. Roper","doi":"10.1093/oso/9780198861089.003.0010","DOIUrl":"https://doi.org/10.1093/oso/9780198861089.003.0010","url":null,"abstract":"This chapter examines the origins, lending policies, and regional development bank (RDB) relationships with the International Bank for Reconstruction and Development from a comparative perspective focusing on the Inter-American Development Bank (IADB) and the European Bank for Reconstruction and Development (EBRD). Generally, existing historical works tend to focus on single case studies rather than explore similarities and differences among RDB. By comparing these two RDB in terms of the broader political considerations in which they were formed, we develop a greater understanding of the diversity and the similarity of RDB. This chapter argues that the international environment and regional competition among states played a substantial role in the initial development of each of these banks which in turn has fundamentally influenced the nature of lending and types of projects supported.","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"02 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124462556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Do We Still Need Regional Development Banks Today (and Tomorrow)?","authors":"J. Alonso, Jose Cuesta","doi":"10.1093/oso/9780198861089.003.0014","DOIUrl":"https://doi.org/10.1093/oso/9780198861089.003.0014","url":null,"abstract":"The need for regional development banks (RDB) is a straightforward question that does not have a straightforward answer. The authors assess the arguments claiming that RDB are called to play a substantive role—in fact an increasingly substantive role—in future development. They summarize these arguments in the following hypothesis: if RDB did not exist, we should re-invent them. This hypothesis is assessed against a critical developmental challenge affecting today’s world and most likely to remain in the future: the massive mobilization of resources required for financing of huge gaps in sustainable infrastructure investments that exist in the developing world. This exercise is followed by a discussion on what conditions need be in place for RDB to be truly playing a pivotal role in confronting such challenge—and perhaps others—in the future.","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123135698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Judith Clifton, Daniel Díaz‐Fuentes, Ana Lara Gómez
{"title":"The European Investment Bank","authors":"Judith Clifton, Daniel Díaz‐Fuentes, Ana Lara Gómez","doi":"10.1093/oso/9780198861089.003.0005","DOIUrl":"https://doi.org/10.1093/oso/9780198861089.003.0005","url":null,"abstract":"The European Investment Bank (EIB) constitutes one of the main institutional pillars upon which the European Union (EU) was built. Strikingly, the institution has attracted little research. EIB Statutes can be condensed down to five overarching objectives that its lending should prioritize: originally, development, integration and investment, and, since the mid-1990s, environmental protection and tackling unemployment. This chapter provides a comprehensive qualitative analysis of EIB lending to Europe from its origins to the present and examines the Bank’s loans in light of its lending objectives. We find a watershed moment occurring at the end of the Cold War. Until the 1990s, the EIB promoted integration and development above the alleviation of capital constraints. Since then, however, there was a progressive ‘mechanization’ of EIB loans at the expense of securing the institution’s mission, to the extent that loans were increasingly associated with capital subscribed by its members. This could mean that the EIB mission as found in its Statutes and its lending practice is becoming increasingly misaligned.","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116881134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The European Investment Bank and the Asian Infrastructure Investment Bank","authors":"Helen Kavvadia","doi":"10.1093/oso/9780198861089.003.0012","DOIUrl":"https://doi.org/10.1093/oso/9780198861089.003.0012","url":null,"abstract":"This chapter attempts to complement existing scholarly work by taking a holistic and contextual view of the European Investment Bank (EIB) and the Asian Infrastructure Investment Bank (AIIB). It addresses the following questions: How are the business fundamentals of the EIB and AIIB organized so as to fulfil their broader objectives? How are they ‘equipped’ to meet the requested increased objectives and face the current and future challenges? What role do these two institutions play in the regional development bank (RDB) field? And what are their future prospects in this field? In attempting to answer these questions this chapter follows a synthetic approach by initially investigating each RDB individually as an organizational entity and subsequently as an actor in the field of RDB. In order to analyse the EIB and AIIB as organizations, this chapter employs a novel mechanism developed by the author with recourse to Business Models and the Theory of Fields.","PeriodicalId":278703,"journal":{"name":"Regional Development Banks in the World Economy","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134501964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}