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Global Economic Governance

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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 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 21st 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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/208.

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Length: 22
Date of creation: 01 Aug 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/208

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Related research

Keywords: Governance; Quota formulas; Quotas; Voting power; ppp; world economy; world growth; purchasing power parity; external trade; national security; domestic demand; world demand; exporting countries; global shocks; aggregate demand; negative spillovers; interest groups; export subsidies; political economy; balance of payments; current account surplus; domestic shocks; current account deficit; oil prices; internal trade; world trade;

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  1. Richard N. Cooper & Edwin M. Truman, 2007. "The IMF Quota Formula: Linchpin of Fund Reform," Policy Briefs PB07-1, Peterson Institute for International Economics.
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Cited by:
  1. Dorota Zuchowska, 2012. "The evolution of the contemporary international monetary system – integration or disintegration?," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, Uniwersytet Mikolaja Kopernika, vol. 10(3), pages 13-30, September.
  2. repec:tru:umkeip:2012:v3:p:13-30 is not listed on IDEAS
  3. repec:cpn:umkeip:2012:v3:p:13-30 is not listed on IDEAS

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