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This book uses institutional data to examine and analyze the current governance structures of Multilateral Financial Institutions (MFIs) with the ultimate goal of reforming MFI governance models to be more responsive to the needs of developing countries. Founded in the post-World War II era, MFIs, collectively known as the Bretton Woods Financial Institutions (BWFIs), were created to promote global economic development and financial stability. This book argues, however, that the governance structures and policies of the MFIs have been biased in favour of developed country members, excluding less economically advanced countries from decision-making processes and perpetuating the economic status quo. Considering the inability of MFIs to adequately respond to the financial needs of developing countries, the book raises an alternative proposal for BWFI reform, based on the following criteria: (i) encouraging development incentives, (ii) favouring development learning through knowledge transfer and easing its appropriation by developing countries, and (iii) guiding and facilitating access to private international financial markets. Combining historical economic analysis with policy recommendations for the future, this book will be of particular interest to students and researchers of development economics, governance, and MFIs, as well as practitioners working with the institutions studied.--

Preface -- Introduction to the book -- General sample and general methodology -- Sovereign credit universe -- Macroeconomic environment of sovereign default -- The history of sovereign ratings and the emergence of the three major sovereign credit agencies -- Agencies methodology to sovereign default assessment -- Testing the accuracy of agencies' approach to assessing sovereign worthiness -- Subjectivity and asymmetry, why accuracy in sovereign ratings should not be expected -- Disclosure and transparency, the quest of accuracy in the sovereign ratings -- Concluding remarks, sovereign creditworthiness accuracy -- References/bibliography -- Data appendices A-C -- Index

RésuméBeaucoup de gens croient qu'en périodes économiques difficiles, les petites entreprises font les frais d'une politique de crédits restrictive et discriminatoire de la part du secteur bancaire. Notre travail, portant sur toute la population des entreprises canadiennes et employant l'analyse de régression classique, suggère que I'hypothèse de baisse de la proportion des crédits accordes aux petites entreprises, durant les périodes de crises économiques, était réaliste et que celle d'une politique discriminatoire délibérée l'était moins. En effet, durant de telles périodes, les crédits sont d'abord orientés vers des clients les moins risqués, done de grandes taille, surtout que la législation actuelle empěche les institutions financières d'ajuster leurs taux en fonction du risque et que, comme le démontre noire travail, les grandes entreprises s'abstiennent d'émettre de nouvelles valeurs mobilières et s'appuient davantage sur le crédit bancaire créant ainsi une pression supplémentaire sur ces derniers.AbstractMany people think that in hard economic times small companies are the victims of a restrictive and discriminatory loan policy pursued by the banks. Our work, bearing on the entire population of Canadian firms and using a classical regression analysis, suggests that the assumption of the decrease in the proportion of loans granted to small companies in times of economic downturn is realistic but that the assumption of deliberate discrimination is less realistic. During such periods, loans are indeed directed first toward low risk customer, meaning of considerable size, particularly since current legislation prevents financial institutions from adjusting their rates according to risk and since, as our work shows, big companies refrain from issuing new securities and rely more on bank loans creating additional pressure on the latter.

L'hypothèse de la distribution normale lors de l'analyse des données, permet entre autres, l'utilisation des tests statistiques classiques, ce que n'autorise pas une distribution asymétrique ou aplatie au centre et allongée awe extrémités. Ce travails'adresseprécisé‐ment à la forme de la distribution des résidus quotidiens dans le cas d'évènements simultanés, e'est‐d̀‐dire ceux affectant un certain nombre d'entreprises au mǐme moment, puisque aucune étude ne s'est préoccuppée, à notre connaissance, de ce phénomène. Nos résultats semblent indiquer que les hypothèses de la distribution normale et de non‐aplatissement des résidus quotidiens dans le cas d'événements simultanés sont irréalistes, le sort de l'hypothèse d'asymétrie ne semblepas clair surtout à un intervalle de condiance de 99 pourcent. L'utilité des tests statistiques classiques se trouve, par conséquent, très minimisée. Ces tests auront, en effet, tendance à rejeter l'hypothèse de performance normale mǐme en l'absence de toute performance anormale.AbstractThe hypothesis of normal distribution in the analysis of data permits, among other things, the use of classical statistical tests. This is not allowed by a distribution which is asymetric or flat at the center and extended at the extremities. This paper deals specifically with the shape of the distribution of daily remainders in the case of simultaneous events which affect a number of businesses at the same time because, to our knowledge, no study has previously dealt with this phenomenon. Our results seem to indicate that the hypothesis of normal distribution and of the non‐flattening of daily remainders in the case of simultaneous events are unrealistic and the outcome of hypothesis of asymetry does not seem clear especially at a 99% confidence interval. As a result, the use of classical statistical tests is minimized. In effect, these tests will generally reject the hypothesis of normal performance even in the absence of any abnormal performance.