The Asian Perspective
ADBI series on Asian Economic Integration and Cooperation
Edited by Masahiro Kawai, Peter J. Morgan and Pradumna B. Rana
Chapter 9: The World Bank and the Asian Development Bank: should Asia have both?
The World Bank and the Asian Development Bank (ADB) face three sets of challenges: those that are common to others in the official development finance community; those that are common to the World Bank’s relations with other multilateral regional development banks (the European Bank for Reconstruction and Development, the African Development Bank and the Inter-American Development Bank), several multilateral subregional development banks, and multilateral financial institutions (MFIs); and finally, those related to operating as multilateral development banks in the most dynamic region in the world: Asia. This chapter examines all three challenges and asks whether it may be an opportune time to rethink the configuration of the world’s multilateral development banking system. The current configuration – like the rest of the global aid architecture – has grown organically, responding to emerging challenges with new institutional and procedural “fixes”. The result is a complex and unwieldy set of institutions that, despite their best efforts at coordination and cooperation, sometimes work against each other and often add to the administrative burden of the member governments they serve. The chapter begins with an overview of how a rapidly changing world is altering development priorities and giving rise to new development challenges that are stretching the capabilities of the development community, including development finance institutions. Section 9.3 describes the roles of the World Bank and ADB in Asia, provides some comparisons, notes their overlapping responsibilities, and explains current approaches to coordination and cooperation.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.