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World Affairs Online
12 International Financial Institutions
In: Review of international affairs, Band 49, Heft 1068-1069, S. 346-389
12 - International Financial Institutions
In: Review of international affairs, Band 49, Heft 1070-1071, S. 346-389
Taxing International Financial Institutions
In: Economic Analysis and Policy, Band 33, Heft 2, S. 293-306
Focus on financial institutions
In: The quarterly review of economics and finance 40.2000,4
Restructuring Japanese financial institutions
In: The Washington quarterly, Band 22, Heft 3, S. 181-193
ISSN: 1530-9177
Restructuring Japanese financial institutions
In: The Washington quarterly, Band 22, Heft 3, S. 181-193
ISSN: 0163-660X, 0147-1465
World Affairs Online
Financial Institutions, Financial Contagion, and Financial Crises
In: IMF Working Paper, S. 1-33
SSRN
International Financial Institutions and Financial Accountability
In: Ethics & international affairs, Band 18, Heft 2, S. 61-78
ISSN: 0892-6794
International Financial Institutions and Financial Accountability
In: Ethics & international affairs, Band 18, Heft 2, S. 61-77
ISSN: 1747-7093
While useful proposals to reform International Financial Institutions (IFIs) have been widely discussed, the lack of meaningful financial accountability has received little attention. Considering the substantial damage done by IFIs, this is surprising both from an ethical and an economist's point of view. In a market economy anyone must face the economic consequences of their actions and decisions. If consultants give advice negligently or without obeying minimal professional standards, they have to pay compensation for the damage they have caused. National liability and tort laws serve the purpose of compensating those suffering unlawful damages and of deterring such behavior. By contrast, tortious damage caused by IFIs must be paid by IFIs' borrowers, including many of the world's poorest people. IFIs may even gain financially from their own negligence by extending new loans necessary to repair damages done by their prior loans. One failed adjustment program calls for the next. This mechanism makes IFI-flops generate IFI-jobs and additional income. This perverted incentive system rewarding errors, negligence, and even violations of the very constitutions of IFIs is absolutely at odds with the principles on which Western market economies rest. It must be brought to an end. This essay presents the idea of financial accountability, showing how easily reforms making IFIs financially accountable could be implemented. Moreover, embracing financial accountability would bring IFI operations closer to the intentions of their founders, who wanted IFIs subject to the basic legal and economic concepts of financial accountability not exempt from it. The market mechanism and its beneficial incentive system must finally be brought to IFIs.