The World Bank loses another chief economist
Penny Goldberg leaves after only 15 months in the job
Miguel Faria e Castro
Ouch: WB chief economist leaves job after higher officials block publication of internal research showing a correlation between foreign aid to developing economies (including WB aid) and jumps in their deposits in foreign financial havens
"Their conclusion was dispiriting. World Bank payouts to 22 aid-dependent countries during 1990-2010 were followed by a jump in their deposits in foreign financial havens. The leaks averaged about 5% of the bank’s aid to these countries."
Jørgen Juel Andersen
My research on World Bank (WB) aid and hidden wealth, with Niels Johannesen (UCPH) and Bob Rijkers (WB), attracts considerable attention. The Economist reports our paper was blocked by WB top management, connecting this to Penny Goldberg’s resignation.
Penny Goldberg stepped down as Chief Economist at the World Bank, and the Bank itself is under question for spiking potentially embarrassing (but hugely interesting) research.