Who is Running the IMF: Critical Shareholders or the Staff?
AbstractThe paper deals with the principal-agent relationship at the International Monetary Fund (IMF). We argue that residual control rights at the IMF are vested with the critical shareholders, the countries included in the G-7. This group controls vast financial resources and enjoys the highest regulatory and governance standards among IMF members. Imperfect incentives for monitoring and the complexity of the issues give staff and management a degree of autonomy. The evidence marshalled in the paper suggests that critical shareholders are in charge on those issues they care most about, leaving discretion to staff and management on peripheral issues.
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Bibliographic InfoPaper provided by Indiana University, Kelley School of Business, Department of Business Economics and Public Policy in its series Working Papers with number 2004-06.
Date of creation: 2004
Date of revision:
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IMF; G-7; principal-agent relationship; critical shareholder; staff autonomy;
Other versions of this item:
- Michele FRATIANNI & John PATTISON, 2007. "Who Is Runninc the IMF: Critical Shareholders or the Staff?," Working Papers 279, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- F15 - International Economics - - Trade - - - Economic Integration
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