At a time when there is a serious debate about reforming the international financial architecture, it is important to understand how existing multilateral agencies affect financial flows to emerging and less-developed countries. This article extends past research - which has focused on the International Monetary Fund - by examining the various mechanisms through which the World Bank may be associated with other financial flows, and by presenting new empirical evidence based on regression analysis. Little support is found for a positive connection. The implications of this finding for effective reform of the Bank and its various activities are then discussed.