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Explaining coherence in international regime complexes: How the World Bank shapes the field of multilateral development finance
[journal article]
Abstract The landscape of multilateral development finance has changed dramatically in the past decades. At Bretton Woods, delegates envisioned the World Bank as the focal organization mobilizing financial support for national development strategies. Today, this issue area is populated by no less than 27 mul... view more
The landscape of multilateral development finance has changed dramatically in the past decades. At Bretton Woods, delegates envisioned the World Bank as the focal organization mobilizing financial support for national development strategies. Today, this issue area is populated by no less than 27 multilateral development banks including the Asian Infrastructure Investment Bank and the New Development Bank created under Chinese leadership. This paper shows that, despite this institutional proliferation, the development finance regime remains largely coherent and core governance features designed at Bretton Woods continue to shape the emerging regime complex. We develop a historical institutionalist argument for why newly created institutions are likely to imitate extant institutions. We suggest that states add new institutions not only in response to deficiencies in extant institutions but also to increase their control and reputation. We analyze three causal pathways - path-dependence, orchestration, and independent learning - that contribute to a coherent regime complex. We show that focal international organizations can use their position to prevent incoherence.... view less
Keywords
money; credit; bank; insurance; World Bank; cooperation; international cooperation; international organization; international regime; international relations; fiscal policy
Classification
International Relations, International Politics, Foreign Affairs, Development Policy
Free Keywords
World Bank Group; Bretton Woods System; Internationale Bankenkooperation
Document language
English
Publication Year
2019
Page/Pages
p. 1160-1186
Journal
Review of International Political Economy, 26 (2019) 6
DOI
https://doi.org/10.1080/09692290.2019.1631205
ISSN
1466-4526
Status
Published Version; peer reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0