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The Principal Components Approach To Quota Formulation At The Imf

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  • Nguéma-Affane, Thierry
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    Abstract

    This paper explores and supports the use of the principal components analysis to objectively establish countries’ relative economic size and determine variables’ weights in a new IMF quota formula. This approach shows a rebalancing of quotas shares in favor of developing countries over time but suggests that PCA-generated quota formulas can only guide and not determine IMF quota structure. The simulation of ad hoc quota increases using PCA-generated quota formulas indicates that a rebalancing of actual quota shares and voting power in favor of developing countries, while preserving low-income countries voting share, is achievable if advanced economies forego increases in their quotas and total basic votes are at least tripled.

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    File URL: http://mpra.ub.uni-muenchen.de/7618/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7618.

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    Date of creation: 10 Mar 2008
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    Handle: RePEc:pra:mprapa:7618

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    Keywords: International Monetary Fund; Quota Formula; Principal Components Analysis;

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    1. François Combarnous, 2003. "Le développement de l'humain comme préalable au développement économique : l'apport de l'analyse en composantes principales," Documents de travail 84, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
    2. Dejian Lai, 2000. "Temporal Analysis of Human Development Indicators: Principal Component Approach," Social Indicators Research, Springer, vol. 51(3), pages 331-366, September.
    3. Abbas Mirakhor & Iqbal Mehdi Zaidi, 2006. "Rethinking the Governance of the International Monetary Fund," IMF Working Papers 06/273, International Monetary Fund.
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