Rafael Antonio Anicio Pereira
Doctorate – The expansion of multilateral development banks: a game approach
Advisor: Prof. Dr. Dante Mendes Aldrighi
Comission: Profs. Drs. Fernando Monteiro Rugitsky, Adriana Schor and Marcelo Milan
What are the roots of the obstacles to cooperation between countries in development finance? The thesis deals with this broad question by looking at the evolution of Multilateral Development Banks (MDBs) over the last decades. Created through the association of national states to provide funds for development projects and programs, MDBs are based on a general financial model that has attracted almost all countries over the years and still keeps its significance. While scholarship has progressed considerably to explain the functioning and the evolution of a greater diversity of MDBs, it still presents theoretical and scope limitations. Authors working from the two different perspectives of the literature tend to emphasize only a part of the variables that influence MDBs to the detriment of others, which does not allow us to satisfactorily answer an important question: what are the factors causing these institutions to grow, and why can they sometimes stagnate? The goal of this thesis is to contribute to the literature by developing a new analytical framework inspired by the game theory that enables us to have a more holistic and flexible approach to MDBs and thereby provide a long-term explanation for their expansion. Based on this analytical framework, I test the hypothesis that MDB expansion depends on the kind of game that their members play and the strategies they adopt. I analyze data regarding three important institutions through periods that involve practically all their trajectories. Generally, the results are in accord with what is expected for coordination and imposition games.
*Abstract provided by the author