By Carlos E. Cuevas
A accomplished assessment of theoretical and empirical literature on cooperative monetary associations (CFIs) aimed toward choosing elements of the constitution, governance, felony framework, rules and supervision the place very important wisdom gaps exist. The paper formulates a couple of propositions for trying out, which might give a contribution to offering a foundation for universal criteria in law and supervision of CFIs.
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Extra info for Cooperative Financial Institutions: Issues in Governance, Regulation, And Supervision (World Bank Working Papers)
An “apex organization” usually exists but has mostly representation and some limited pooled resource management function. Strategic decision control and management for the network is explicitly excluded. ■ Strategic networks are collections of multilateral agreements between ﬁrst-tier in which decisions taken by the integration bodies of the alliance according to agreed upon governance mechanisms become binding–by law or convention–for the entire collective. The decision process is made operational through the cession by ﬁrst-tier nodes to the apex of control over a relevant range of issues that affect the collective, that is, strategic aspects related to the network.
Managers at the hub thus can focus on the network’s strategic issues while not being occupied by the operational aspect of CFI management which become the exclusive competence of local managers. 22 World Bank Working Paper ■ Attenuation of managerial opportunism: Attenuation of sub-goal pursuit is perhaps even more important as sub-goal pursuit translates into the suboptimal allocation of resources. The separation of function of ﬁrst-tier nodes managers (focus on operational decisions) and apex managers (focus on strategic goal planning and control) makes assessing and controlling sub-goal pursuit at both levels easier.
A particularly elucidating analysis of the 1904 Indian Cooperative Law and other cooperative law developments in the developing world is provided by Münkner (1989, 2005). Münkner (2005) carries the suggestive title of “100 Years Cooperative Credit Societies Act India 1904: a worldwide applied model of co-operative legislation” leaving little room to doubt about the inﬂuence of this piece of legislation. 27. Quote from Henrÿ (2005). 28. This includes inﬂuencing the composition of governance bodies, channel government subsidized funding or isolating the institution from market competition.