Top

The Review of International Organizations

Published in:

29-09-2021

China and the Asian Infrastructure Investment Bank (AIIB): Chinese Influence Over Membership Shares?

Authors: Ayse Kaya, Byungwon Woo

Published in: The Review of International Organizations | Issue 4/2022

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

Does China exert influence over the AIIB, including its share allocation, to pursue its interests as many skeptical eyes suggest? What explains the subscription shares a member state has at the AIIB? Building upon existing literature on American influence in international financial institutions, we propose a unique theoretical argument on these questions. While most of the extant literature focuses on the US dispensing patronage to politically-economically proximate states, we suggest that China may not be so inclined. Instead, we theorize that states that are a priori distant from China might obtain higher shares relative to their GDP at the AIIB. We reason that this outcome is due to the benefits China faces in attracting more distant states (the supply side) as well as the political costs more distant states face in joining the AIIB (the demand side). More distant states are likely to demand more shares given their higher costs of membership, and China is inclined to accommodate these demands both for institutional legitimacy and the potential benefit of attracting distant countries closer to itself. Our evidence—from multiple interviews with top policy-makers and statistical analysis—provides robust support for our theoretical arguments.

previous article Do Voters Reward Politicians for Trade Liberalization? Evidence from South Korea

next article Decision-making in international organizations: institutional design and performance

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Available only for authorised users

For work that examines the importance of these shares in the context of the Asian Development Bank, see Strand (1999). We use the notions of voting power, voting share, and voting weight interchangeably as in other works (Kaya, 2015; Kim & Lee, 2020), though voting power may also be used to denote a member’s ability to achieve outcomes through voting (Strand & Retzl, 2016). Our usage is consistent with the AIIB’s own reliance on the term “voting power” (www.aiib.org; Last accessed: 01/06/2021).

On the notion of prestige in International Relations (IR), see Mercer (2017). Prestige reflects the international community’s intersubjective belief that an actor (state) deserves respect and admiration, and states seek it frequently for rational (such as, power) or more psychological reasons. We understand status and prestige as relational concepts in social hierarchy and use them synonymously following other works in IR (ibid).

See, for instance, Kim and Lee (2020); on why countries decided to join the AIIB, see, e.g., Wang (2018) and Knoerich and Urdinez (2019).

The AIIB Chief Negotiators decided not to include a precise formula in the AIIB Charter, as we detail later, but stated that relative share of the global economy in terms of GDP would determine capital stock allocations.

Multiple interviewees acknowledged to us that this ambiguity of the precise formula and variables used left some room for negotiation among the founding members.

As an example, China reduced its own formal power to satisfy the European countries’ joining, and these countries are also credited with playing a crucial role in inserting social and environmental safeguards into the AIIB, along the lines of existing institutions (e.g., Gabusi, 2019; Knoerich & Urdinez, 2019; Zhu, 2019).

Our citations do not provide an exhaustive list. Andersen et al. (2006) and Vreeland and Dreher (2014) also emphasize efforts to sway “swing states”.

While the literature broadly understands legitimacy as the acceptability of an institution, one can precisely define it as the intersubjectively granted right of an institution to govern (e.g., Buchanan & Keohane, 2006).

While the literature uses notions of status-quo and revisionism to discuss whether or not China aims to upend the US-led existing order, we do not adopt this terminology which remains US-centric (e.g., Johnston 2003; Layne, 2018; Schweller & Pu, 2011; Kastner & Saunders, 2012; for a critical perspective see Chan et al., 2019).

Anonymity and confidentiality facilitated our ability to gain more information through these interviews. The details of our interviews are provided in the online Appendix D.

Marking its significance, the actual distribution of formal power was subject to considerable debate in these institutions, with states being sensitive about their exact position vis-à-vis other countries (Gold, 1972), and subsequent redistributions have remained similarly contentious (Kaya 2015). For a general discussion of states’ concerns with their relative positions in institutions, see Lake (2013).

The alternate director position tends to be rotated among the remaining (i.e. those not taking about the executive director position on a rotation) members.

However, unlike in many IFIs, in the AIIB, the constituencies do not need to vote as a bloc; the Director leading the constituency can “split” the votes of its members. This reduces the importance of voting power in the AIIB relative to other IFIs, where the voting occurs as a bloc, such as the World Bank. Given this was known from the start, however, it influenced the formation of the constituencies in the first place, such as the Europeans grouping together.

https://www.segye.com/newsView/20150322002237?OutUrl=naver.

For Japanese influence over the ADB, see, e.g., Kilby (2006) and Lim and Vreeland (2013).

How much influence is considered as limited versus unhinged depends on who is perceiving it as well as the benchmarks used. We focus on the how of Chinese influence.

Some studies claim the existing order’s rules and oversight mechanisms constrain China (e.g., Cohen, 2015; Foot, 2006; Ikenberry, 2012).

Different mechanisms may be at work for different countries, as our qualitative discussions suggest.

While states may also care about normative resonance between its identity and the institution, this does not alter our discussion: joining when normative resonance is lower would mean higher costs. Additionally, states may be coerced into joining institutions, but this again does not modify the discussion here.

Why join despite the high costs? As the example of Japan shows, if the anticipated costs are too high vis-à-vis the expected benefits, countries do not join. However, access to development and infrastructure funds, in addition to influence in a new multilateral development setting, emerged as the two key reasons from our interviews in answering this question.

We multiply by 100 for ease of interpretation. We use GDP measured at Purchasing Power Parity (PPP), as the institution appears to have done, but we also run alternative estimations with a different DV in robustness checks (Appendix F2).

A chief negotiator recalls that it was done on the request from Russia (Interviewee 7).

The literature on the BW institutions have long used UNGA voting data, where voting similarity is taken to indicate “donor strategic interests” and thus “political self-interests” (Alesina & Dollar, 2000, p. 37; Dreher & Fuchs, 2015, p. 1002, Nooruddin & Woo, 2015, p. 81). Hence, this similarity has commonly been used as a proxy of friendship between the most powerful country, the USA, and other countries.

When we substitute ideal point distance to China with ideal point distance to the USA, countries closer to the USA get larger REPRESENTATION as these two distances are highly and negatively correlated (around − 0.9),

Substituting GDP per capita with an ordinal measure based on the World Bank’s country categorizations (low-, middle-, high-income) also suggests as income increases, so does the country’s REPRESENTATION.

The results withstand the use of different voting measures at the UNGA (Appendix F1).

We use a combined index of freedom house measures and polity2, which ranges from 0–10 where 0 is least democratic and 10 most democratic. Hadenius and Teorell (2005) show that this index variable performs better than its parts, and it has wider data coverage. The correlation between the measure we use and its components is above 0.95.

This article is based on Chinese official sources from August 2015 and does not have any missing data (i.e. we are able to account for all countries in our sample). By this count there are 36 countries that were both BRI and AIIB members in 2015.

Using two-year averages for these variables or using the absolute (logged) level of exports/imports (t − 1) does not make them significant.

We use lagged logged oil and gas production value in 2014 dollars.

This does not change even if we fill in the missing variables, which are many, with values from the previous years.

Logging the DV does not alter the main results.

When a variable capturing membership to the EU is added to the baseline model, the EU variable is not significant. We find great variation across members of the EU: within this group, REPRESENTATION ranges from about 16 to approximately 109, which means they need to count as separate observations, as we do in the main models.

This sample consists of 182 IBRD members. 6 IBRD members (in addition to China) are not included in our analysis because of missing values for some independent variables.

We also tried an alternative instrument—physical distance between the country’s capital and Beijing. The correlation coefficient between our DV and this distance variable was 0.022 (p-value of 0.7967). Our primary results were unchanged (results available upon request).

Conditional on membership, the results on REPRESENTATION remain unaltered in an alternative two-part model with a probit in the first stage and OLS in the second stage (Cameron & Trivedi 2005, pp. 544–545). These probit on membership are similar: GDP per capita, being from the Asia–Pacific region, and IO membership are significant, but other variables are not. However, we also find in these probit models that the level of democracy is negatively related to membership: all else equal, more democratic countries are less likely to join the AIIB, which is line with Wang (2018).

We also tried to run a model with import and export share variables, but due to the relative small size of the sample, the model failed to converge. Given that import and export share variables never reach conventional statistical significance in Table 1, we believe their non-inclusion does not significantly alter our main findings reported in Table 2.

Some of our variables in previous models should already account for status.

Vieira (2018) shows that democratic regimes are less likely to join early, using one measure of timing (the equivalent of our Timing_MOU).

Making this a dummy variable, which marks countries that attended the first meeting as 0 and later meetings as 1, does not alter the main results.

Abbott, K. W., & Snidal, D. (1998). Why states act through formal international organizations. The Journal of Conflict Resolution, 42(1), 3–32.CrossRef

ADB. (1967). Annual Report. www.adb.org.

ADB. (2018). Annual Report. www.adb.org.

Alesina, A., & Dollar, D. (2000). Who gives foreign aid to whom and why? Journal of Economic Growth, 5(1), 33–63.CrossRef

Anderlini, J. (2015, March 26). UK move to join China-led bank a surprise even to Beijing. The Financial Times.

Anderlini, J., & Mitchell, T. (2015, March 13). UK move to join AIIB meets mixed response in China. The Financial Times.

Andersen, T. B., Hansen, H., & Markussen, T. (2006). US politics and World Bank IDA-lending. Journal of Development Studies, 42(5), 772–794.CrossRef

Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB). https://www.aiib.org/en/about-aiib/basic-documents/articles-of-agreement/index.html.

Bailey, M., Strezhnev, A., & Voeten, E. (2017). Estimating dynamic state preferences from UN voting data. Journal of Conflict Resolution, 62(2), 430–456.CrossRef

Barro, R. J., & Lee, J.-W. (2005). IMF programs: Who is chosen and what are the effects? Journal of Monetary Economics, 52(7), 1245–1269.CrossRef

Boughton, J. M. (2001). Silent Revolution: The International Monetary Fund 1979–1989. International Monetary Fund.

Buchanan, A., & Keohane, R. O. (2006). The legitimacy of global governance institutions. Ethics and International Affairs, 20(4), 405–437.CrossRef

Callaghan, M., & Hubbard, P. (2016). The Asian Infrastructure Investment Bank: Multilateralism on the silk road. China Economic Journal, 9(2), 116–139.CrossRef

Callahan, W. (2016). China’s “Asia Dream”: The Belt and Road Initiative and the new regional order. Asian Journal of Comparative Politics, 1(3), 226–243.CrossRef

Cameron, A. C., & Trivedi, P. K. (2005). Microeconometrics. Cambridge University Press.

Chan, S., Hu, W., & He, K. (2019). Discerning states’ revisionist and status-quo orientations: Comparing China and the US. European Journal of International Relations, 25(2), 613–640.CrossRef

Chief Negotiators’ Report on the Articles of Agreement of the Asian Infrastructure Investment Bank. (2015). Retrieved July 9, 2018, from https://www.aiib.org/en/about-aiib/basic-documents/_download/articles-of-agreement/basic_document_report_on_the_articles_of_agreement.pdf.

Chin, G. (2016). Asian Infrastructure Investment Bank: Governance innovation and prospects. Global Governance: A Review of Multilateralism and International Organizations, 22(1), 11–25.CrossRef

Chin, G. (2019). The Asian Infrastructure Investment Bank—New multilateralism: Early development, innovation, and future agendas. Global Policy, 10(4), 569–581.CrossRef

Chin, H., & He, W. (2016). The Belt and Road Initiative: 65 countries and beyond. Fung Business Intelligence Center. May. Retrieved July 9, 2018, from <https://www.fbicgroup.com/sites/default/files/B%26R_Initiative_65_Countries_and_Beyond.pdf>.

Cho, S. (2015, March 17). Liu Jianchao Persuades the Press and the Parliament of South Korea. DongAilbo.

Cohen, B. (2015). Currency power: Understanding monetary rivalry. Princeton University Press.CrossRef

Davis, C., & Wilf, M. (2017). Joining the Club: Accession to the GATT/WTO. The Journal of Politics, 79(3), 964–978.CrossRef

Dollar, D. (2015). Lessons for the AIIB from the Experience of the World Bank. Brookings Institution. Retrieved July 9, 2018, from https://wwwbrookings.edu/articles/china-on-the-global-stage/.

Dreher, A. (2006). Does globalization affect growth? Empirical evidence from a new index. Applied Economics, 38(10), 1091–1110.CrossRef

Dreher, A., & Fuchs, A. (2015). Rogue aid? An empirical analysis of China’s aid allocation. Canadian Journal of Economics/Revue Canadienne d’économique, 48, 988–1023.

Dreher, A., Fuchs, A., Parks, B., Strange, A. M., & Tierney, M. J. (2018). Apples and dragon fruits: The determinants of aid and other forms of state financing from China to Africa. International Studies Quarterly, 62(1), 182–194.CrossRef

Dreher, A., Sturm, J.-A., & Vreeland, J. R. (2015). Politics and IMF conditionality. Journal of Conflict Resolution, 59(1), 120–148.CrossRef

Dreher, A., & Jensen, N. M. (2007). Independent actor or agent? An empirical analysis of the impact of US interests on IMF conditions. The Journal of Law and Economics, 50(1), 105–124.CrossRef

Economy, E. (2018). The third revolution: Xi Jinping and the new Chinese state. Oxford University Press.

Foot, R. (2006). Chinese strategies in a US-hegemonic global order: Accommodating and hedging. International Affairs, 82(1), 77–94.CrossRef

Fu, J. (2016, January 27). AIIB chief rules out China veto power. China Daily.

Gabusi, G. (2019). Global standards in the Asian Infrastructure Investment Bank: The contribution of the European members. Global Policy, 10(4), 631–638.CrossRef

Gold, J. (1972). Voting and decisions in the International Monetary Fund: An essay on the law and practice of the fund. International Monetary Fund.

Hadenius, A., & Teorell, J. (2005). Cultural and economic prerequisites of democracy: Reassessing recent evidence. Studies in Comparative International Development, 39(4), 87–106.CrossRef

Hamanaka, S. (2016). Insights to great powers’ desire to establish institutions: Comparison of ADB, AMF, AMRO and AIIB. Global Policy, 7(2), 288–292.CrossRef

He, K. (2009). Institutional balancing in the Asia-Pacific: Economic interdependence and China’s rise. Routledge.

Horn, S., Reinhart, C. M., & Trebesch, C. (2019). China’s overseas lending (NBER Working Paper No. 26050). National Bureau of Economic Research. https://www.nber.org/papers/w26050.

Ikenberry, G. J. (2000). After victory: Institutions, strategic restraint, and the rebuilding of order after major wars. Princeton University Press.

Ikenberry, G. J. (2012). Liberal leviathan: The origins, crisis, and transformation of the American World Order. Princeton University Press.CrossRef

Ikenberry, G. J. and Darren Lim. (2017). China’s emerging institutional statecraft: The Asian Infrastructure Investment Bank and the prospects for counter-hegemony. Brookings Institution. https://www.brookings.edu/wp-content/uploads/2017/04/chinas-emerging-institutional-statecraft.pdf.

Johnston, A. I. (2003). Is China a status quo power? International Security, 27(4), 5–56.CrossRef

Kastner, S. L., & Saunders, P. (2012). Is China a status quo or revisionist state? Leadership travel as an empirical indicator of foreign policy priorities. International Studies Quarterly, 56(1), 163–177.CrossRef

Kawai, M. (2015). Asian Infrastructure Investment Bank in the evolving financial order. In D. Bob (Ed.), Asia Infrastructure Investment Bank: China as responsible stakeholder? Sasakawa Peace Foundation. https://spfusa.org/research/asian-infrastructure-investment-bank-china-as-responsible-stakeholder/.

Kaya, A. (2015). Power and global economic institutions. Cambridge University Press.CrossRef

Kaya, A., & Woo, B. (2018). China and the Asian Infrastructure Investment Bank: The Influence-legitimacy Tradeoff. Paper Presented at the 11th Annual Conference on The Political Economy of International Organizations.

Kaya, A., Kilby, C., & Kay, J. (2021). Asian Infrastructure Investment Bank as an instrument for Chinese influence? Supplementary versus remedial multilateralism. World Development, 145, 105531.CrossRef

Kersting, E. K., & Kilby, C. (2016). With a little help from my friends: Global electioneering and World Bank lending. Journal of Development Economics, 121, 153–165.CrossRef

Kilby, C. (2006). Donor influence in multilateral development banks: The case of the Asian Development Bank. Review of International Organizations, 1(2), 173–195.CrossRef

Kilby, C. (2011). What determines the size of aid projects? World Development, 39(11), 1981–1994.CrossRef

Kim, C. J., & Yeom, Y. (2015, March 22). China, silent on THAAD, … Lovecall for South Korean membership at the AIIB. Segyeilbo.

Kim, S. Y., & Lee, J. (2020). Gaining ground, gaining influence? Vote shares and power in the AIIB. Working Paper.

Knoerich, J., & Urdinez, F. (2019). Contesting contested multilateralism: Why the west joined the rest in founding the Asian Infrastructure Investment Bank. The Chinese Journal of International Politics, 12(3), 333–370.CrossRef

Koremenos, B., Lipson, C., & Snidal, D. (2001). The Rational Design of International Institutions. International Organization, 55(4), 761–799.CrossRef

Lake, D. A. (2013). Great power hierarchies and strategies in twenty-first century world politics. In W. Carlsnaes, T. Risse, & B. A. Simmons (Eds.), The Handbook of International Relations (2nd ed., pp. 555–577). SAGE.CrossRef

Layne, C. (2018). The US-Chinese power shift and the end of the Pax Americana. International Affairs, 94(1), 89–111.CrossRef

Leeds, B. A., Ritter, J. M., Mitchell, S. M., & Long, A. G. (2002). Alliance Treaty Obligations and Provisions, 1815–1944. International Interactions, 28, 237–260.CrossRef

Lichtenstein, N. (2018). A comparative guide to the Asian Infrastructure Investment Bank. Oxford University Press.

Lim, D. Y., & Vreeland, J. R. (2013). Regional organizations and international politics: Japanese influence over the Asian Development Bank and the UN Security Council. World Politics, 65(1), 34–72.CrossRef

Luo, H., Lize, Y., & Houshmand, K. (2021). Power structure dynamics in growing multilateral development banks: The case of the Asian Infrastructure Investment Bank. Global Policy, 12(1), 24–39.CrossRef

Mercer, J. (2017). The illusion of international prestige. International Security, 41(4), 133–168.CrossRef

Mikesell, R. F. (1994, March). “The Bretton Woods debates: A memoir.” Princeton University Essays in International Finance No. 192.

Milner, H. V. (2005). Review Essay: Globalization, development, and international institutions: Normative and positive perspectives. Perspectives on Politics, 3(4), 833–854.CrossRef

Morris, S., & Higashikokubaru. M. (2015). Doing the Math on AIIB Governance. Center for Global Development. Retrieved July 9, 2018, from https://www.cgdev.org/blog/doing-math-aiib-governance.

Nooruddin, I., & Woo, B. (2015). Heeding the Sirens: The politics of IMF program participation. Political Science Research and Methods, 3, 73–93.CrossRef

Oatley, T., & Yackee, J. (2004). American interests and IMF lending. International Politics, 41, 415–429.CrossRef

Paradise, J. F. (2017). Power through participation: The case of China and the new multilateral development bank. Korean Political Science Review, 51(6), 75–105.CrossRef

Reuters. (2015, March 31). China says Taiwan welcome to join AIIB with appropriate name. https://www.reuters.com/article/us-asia-aiib-taiwan/china-says-taiwan-welcome-to-join-aiib-with-appropriate-name-idUSKBN0MS36G20150401.

Rich, T. S. (2009). Status for sale: Taiwan and the competition for diplomatic recognition. Issues & Studies, 45(4), 159–188.

Rodrik, D. (1995). Why is there multilateral lending? Working Paper 5160. NBER.

Ross, M., & Paasha, M. (2015). Oil and gas data, 1932–2014. Harvard Dataverse. https://doi.org/10.7910/DVN/ZTPW0Y.CrossRef

Schweller, R. (2001). The problem of international order revisited: A review essay. International Security, 26(1), 161–186.CrossRef

Schweller, R., & Pu, X. (2011). After unipolarity: China’s visions of international order in an era of U.S. decline. International Security, 36(1), 41–72.

Steinwand, M., & Stone, R. W. (2008). The International Monetary Fund: A review of the recent evidence. The Review of International Organizations, 3(2), 123–149.CrossRef

Stone, R. W. (2004). The political economy of IMF lending in Africa. American Political Science Review, 98(4), 577–591.CrossRef

Stone, R. W. (2008). The scope of IMF conditionality. International Organization, 62(4), 589–620.CrossRef

Stone, R. W. (2011). Controlling institutions: International organizations and the global economy. Cambridge University Press.CrossRef

Strand, J. (1999). State power in a multilateral context: Voting strength in the Asian Development Bank. International Interactions, 25(3), 265–286.CrossRef

Strand, J., Flores, E. M., & Trevathan, M. W. (2016). China’s leadership in global economic governance and the creation of the Asian Infrastructure INVESTMENT Bank. Rising Powers Quarterly, 1(1), 55–69.

Strand, J., & Retzl, K. J. (2016). Did recently voice reforms improve good governance within the World Bank? Development and Change, 47(3), 415–445.CrossRef

Sun, Y. (2015). China and the evolving Asian Infrastructure Investment Bank. In D. Bob (Ed.), Asia Infrastructure Investment Bank: China as responsible stakeholder? Sasakawa Peace Foundation. https://spfusa.org/research/asian-infrastructure-investment-bank-china-as-responsible-stakeholder/.

Teorell, J., Dahlberg, S., Holmberg, B. R., Pachon, N.A., & Svensson, R. (2019). The quality of government standard dataset, version, January 19. University of Gothenburg. https://doi.org/10.18157/qogstdjan19.

Thacker, S. C. (1999). The high politics of IMF lending. World Politics, 52(1), 38–75.CrossRef

Vieira, V. R. (2018). Who joins counter-hegemonic IGOs? Early and late members of the China-led Asian Infrastructure Investment Bank. Research & Politics, 5(2), 1–7.

Vreeland, J. R. (2011). Foreign aid and global governance: Buying Bretton Woods—The Swiss-Bloc case. Review of International Organizations, 6(3–4), 369–391.CrossRef

Vreeland, J. R., & Dreher, A. (2014). The political economy of the United Nations Security Council: Money and influence. Cambridge University Press.CrossRef

Wan, M. (2016). The Asian Infrastructure Investment Bank: The Construction of power and the struggle for the East Asian international order. Palgrave Macmillan.

Wang, Y. (2018). The political economy of joining the AIIB. The Chinese Journal of International Politics, 11(2), 105–130.CrossRef

Yang, H. (2016). The Asian Infrastructure Investment Bank and status-seeking: China’s foray into global economic governance. Chinese Political Science Review, 1, 754–778.CrossRef

Zhu, J. (2019). Is the AIIB a China-controlled Bank? China’s evolving multilateralism in three dimensions (3D). Global Policy, 10(4), 653–659.CrossRef

Title: China and the Asian Infrastructure Investment Bank (AIIB): Chinese Influence Over Membership Shares?
Authors: Ayse Kaya
Byungwon Woo
Publication date: 29-09-2021
Publisher: Springer US
Published in: The Review of International Organizations / Issue 4/2022
Print ISSN: 1559-7431
Electronic ISSN: 1559-744X
DOI: https://doi.org/10.1007/s11558-021-09441-1

Springer Professional

Abstract

Please log in to get access to your license.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Other articles of this Issue 4/2022

Decision-making in international organizations: institutional design and performance

Foreign aid and judicial autonomy

Do Voters Reward Politicians for Trade Liberalization? Evidence from South Korea

Publisher Correction to: Managing performance and winning trust: how world bank staff shape recipient performance

Expropriation and human rights: does the seizure of FDI signal wider repression?

Global banking and the spillovers from political shocks at the core of the world economy

Premium Partner