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Full-Text Articles in Law
Governance And Accountability: The Regional Development Banks, Enrique R. Carrasco, Heejin Lee, Wesley Carrington
Governance And Accountability: The Regional Development Banks, Enrique R. Carrasco, Heejin Lee, Wesley Carrington
Enrique R Carrasco
Good governance has become a mantra of the movement seeking to make multilateral financial institutions more accountable to their stakeholders while improving institutional governance. Although much of the visible criticism has been directed at the World Bank and International Monetary Fund, the “regional” development banks share many of the same governance and accountability problems. Important issues relating to governance and accountability include the banks’ heavily unequal voting power based on capital contributions, limited transparency and disclosure requirements, questionable efficacy of monitoring programs on the impact of the banks’ projects, and limited scope of the banks’ private complaint mechanisms. This Article …
The World Bank's Inspection Panel: Promoting True Accountability Through Arbitration, Enrique Carrasco
The World Bank's Inspection Panel: Promoting True Accountability Through Arbitration, Enrique Carrasco
Enrique R Carrasco
In September 1993, the World Bank created the Inspection Panel. At the time, it was hailed as an unprecedented effort to increase the Bank’s accountability. Prior to the establishment of the Panel, the Bank had engaged in a number of projects that devastated local populations and caused significant environmental damage. After unrelenting pressure from environmental and human rights non-governmental organizations (“NGOs”), the World Bank established the Inspection Panel with hopes of bringing transparency to the Bank’s project lending. Generally, the Panel is charged with investigating complaints filed by parties in borrower countries who believe that the Bank is violating its …