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Global economic governance: IMF quota reform

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  • Arvind Virmani

Abstract

The paper examines the principles on which a reform of a quota based global economic institution like the International Monetary Fund (IMF) must be based, taking account of both the relative economic power of countries and the need for voice and representation of the poor countries. These principles are then used in the context of the global economic realities of the twenty-first century to examine the suitability of different variables in the IMF's quota formula. Based on this analysis a simple transparent formula is suggested, which will help increase the credibility and legitimacy of the IMF as a global macroeconomic and financial institution.

Suggested Citation

  • Arvind Virmani, 2012. "Global economic governance: IMF quota reform," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 5(2), pages 260-280, October.
    • Handle: RePEc:taf:macfem:v:5:y:2012:i:2:p:260-280
    DOI: 10.1080/17520843.2011.632487
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