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The Principal Components Approach To Quota Formulation At The Imf

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Author Info
Nguéma-Affane, Thierry
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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Publisher 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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Related research
Keywords: International Monetary Fund; Quota Formula; Principal Components Analysis;

Find related papers by JEL classification:
F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
F53 - International Economics - - International Relations and International Political Economy - - - International Agreements and Observance; International Organizations
C19 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Other
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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This page was last updated on 2009-12-9.

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