IMF quotas: Constructing an international organization using inferior building blocks
AbstractThe International Monetary Fundâs structure and rules are based on the quota system that was constructed when the Fund was set up in 1946. Quotas affect contributions and resource availability at the Fund, access to resources, the distribution of Special Drawing Rights, and voting rights. Despite periodic reviews and modifications, the quota system has gradually been eroded and undermined. The fundamental problem is that a single system is attempting to serve four separate and incompatible functions. We illustrate how this erosion has taken place, and how an unreformed quota system will compromise the future operations of the IMF and the international monetary and financial system. Although the difficulties associated with reforming quotas are myriad and complex, the legacy of an unreformed quota system may be profoundly undesirable. We argue that a refined IMF structure must accommodate a clearer separation of a memberâs contributions to the IMF, its access to IMF resources, and its voting rights at the institution.
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Bibliographic InfoArticle provided by Springer in its journal The Review of International Organizations.
Volume (Year): 1 (2006)
Issue (Month): 2 (June)
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Web page: http://www.springer.com/business/sociology/journal/11558
Other versions of this item:
- Graham Bird & Dane Rowlands, 2005. "IMF Quotas; Constructing An International Organization Using Inferior Building Blocks," School of Economics Discussion Papers 1305, School of Economics, University of Surrey.
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- H79 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Other
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
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