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Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis

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  • Ilene Grabel
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    Abstract

    Grabel addresses three related questions. How is the crisis affecting the governance of the IMF and the influence that developing countries have within the institution; the policy space available to developing countries; and the prospects that alternative financial architectures will emerge as competitors or complements to the Fund? At this point it appears that IMF practice on capital controls has changed partly as a consequence of the crisis, that relatively autonomous developing countries are taking advantage of the policy space that has emerged, and that the global financial architecture is becoming more heterogeneous and multi-nodal. Developing countries do not yet enjoy more formal influence at the IMF as a consequence of the crisis. However, it is premature to conclude now that the formal and informal influence of developing countries will not increase in the coming years.

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    Bibliographic Info

    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp241.

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    Date of creation: 2010
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    Handle: RePEc:uma:periwp:wp241

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    Related research

    Keywords: Global financial crisis; policy space for development; International Monetary Fund; capital controls; regional financial governance; global governance;

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    1. Nicolas Magud & Carmen M. Reinhart, 2007. "Capital Controls: An Evaluation," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 645-674 National Bureau of Economic Research, Inc.
    2. Kaplan, Ethan & Rodrik, Dani, 2001. "Did the Malaysian Capital Controls Work?," Working Paper Series rwp01-008, Harvard University, John F. Kennedy School of Government.
    3. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries," IMF Occasional Papers 220, International Monetary Fund.
    4. Jean-Fran├žois Ponsot, 2009. "New financial architecture and regional monetary integration in Latin America," Post-Print halshs-00390436, HAL.
    5. Mark Weisbrot & Jose Cordero & Luis Sandoval, 2009. "Empowering the IMF: Should Reform be a Requirement for Increasing the Fund's Resources?," CEPR Reports and Issue Briefs 2009-15, Center for Economic and Policy Research (CEPR).
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