The Second Wave of Independence : Shopping for Solutions
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World Bank Group, Washington, DC
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In the 21st century, many developing
countries will become emerging markets and will no longer be
in need of the carrot-and-stick approach to development
assistance most prevalent today: development financing made
available conditional on certain policies and interventions.
This paper suggests that interactions between development
agencies and recipient governments are mostly about inputs
deemed (but not known) to contribute to improvements in
living standards in recipient countries, rather than
outcomes. The paper argues that the development marketplace
is beset by market imperfections because of externalities,
principal-agent problems, and decision making under
uncertainty, which not only make it difficult to achieve the
right outcomes, but also take away incentives to learn about
outcomes. A fundamental rethink of responsibilities and
accountabilities in the development business would make sure
that development outcomes are traded in the development
marketplace. It would put recipient countries in charge of
contracting development agencies to provide these outcomes.
Development agencies would commit to and be held financially
accountable for outcomes, that is, real improvements in
welfare indicators. The paper describes the role of the
evaluation function in aligning incentives with the ultimate
goal of improving lives and provides examples of emerging solutions.
Palabras clave
ACCOUNTABILITY, AGRICULTURE, AIR POLLUTION, BALANCE SHEETS, BENEFICIARIES, BID, BIDS, CONTROL GROUPS, DECISION MAKING, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT ACTIVITIES, DEVELOPMENT AGENCIES, DEVELOPMENT AGENCY, DEVELOPMENT AID, DEVELOPMENT ASSISTANCE, DEVELOPMENT BANK, DEVELOPMENT BANKS, DEVELOPMENT COOPERATION, DEVELOPMENT EFFECTIVENESS, DEVELOPMENT FINANCING, DEVELOPMENT INSTITUTIONS, DEVELOPMENT ISSUES, DEVELOPMENT OBJECTIVES, DEVELOPMENT OUTCOMES, DEVELOPMENT PARTNERS, DEVELOPMENT POLICY, DEVELOPMENT PROJECTS, DONOR AGENCY, ECONOMIC RESEARCH, ECONOMIC THEORY, ECONOMIC VALUE, ECONOMICS, ECONOMICS LITERATURE, EFFICIENT MARKET, EMERGING MARKETS, ENFORCEMENT MECHANISM, EVALUATION CAPACITY, EXPENDITURE, EXTERNALITIES, FINANCIAL MARKETS, FINANCIAL RISKS, GDP, GOVERNMENT INTERVENTIONS, HOST COUNTRIES, HOST COUNTRY, IMPACT EVALUATION, INCOME, INCOMPLETE CONTRACTS, INFORMATION ASYMMETRIES, INNOVATION, INSURANCE, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL SETTLEMENT, INVESTMENT PROJECTS, LABOR FORCE, LABOUR, LIVING STANDARDS, LOAN, M&E SYSTEMS, MARKET FAILURE, MARKET FAILURES, MARKET INSTABILITY, MARKET MECHANISM, MARKET PRICES, MORAL HAZARD, MORTALITY, NEGATIVE EXTERNALITIES, NEGATIVE EXTERNALITY, OPTIMAL CONTRACT, OPTIMAL INVESTMENT, OUTPUTS, POSITIVE EXTERNALITY, PRINCIPAL PAYMENTS, PRINCIPAL-AGENT PROBLEM, PRINCIPAL-AGENT PROBLEMS, PRINCIPAL-AGENT RELATIONSHIP, PRINCIPAL-AGENT RELATIONSHIPS, PRODUCTION FUNCTIONS, PRODUCTIVITY, REPAYMENT, RETURN, RETURNS, RISK SHARING, SAFETY, SHAREHOLDERS, SOCIAL PROGRAMS, SUPPLIERS, TRADING, TRANSACTION, WEALTH