Should Policy-Based Lending Still Involve Conditionality?

Koeberle, Stefan G.

World Bank

关键词: policy;    lending;    economics;    evolution;    finance;   

DOI  :  10.1093/wbro/lkg009
RP-ID  :  76450

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Traditional conditionality inpolicy-based lending is often criticized as beingineffective, intrusive, and corrosive. Disillusionment hasled to replace ex ante conditionality with ex postconditionality and to focus on ownership, selectivity, andpartnership. This article reviews experiences withconditionality in the World Bank policy-based lending andexplores the benefits and drawbacks of various approaches.It argues that conditionality should play a central role inpolicy-based lending-but cannot substitute for countryownership and good policies. Moreover an exclusive focus onconditionality based on ex ante commitments or ex postresults may not be practical or useful for the Bankpolicy-based lending. Thus a key recommendation in to useconditionality selectively, tailred to countrycircumstances. Indeed, an eclectic mix of traditional andnew approaches is already being used with programmaticpolicy-based lending offering a particularly promising wayto reconcile the debate between the traditional ex anteapproach and the aspirations of a results-based approach to conditionality.