Reforming The Imf: Back To The Drawing Board

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Reforming The Imf: Back To The Drawing Board

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Yilmaz AKYüZ

Abstract

A genuine reform of the IMF would require as much a redirection of its activities as improvements in its policies and operational modalities. There is no sound rationale for the fund to be involved in development and trade policy, or in bailout operations in emerging market crises. It should focus on short-term counter-cyclical current account financing and policy surveillance. To be effective in crisis prevention it should help emerging markets to manage unsustainable capital inflows by promoting appropriate measures, including direct and indirect controls. It should also pay greater attention to destabilizing impulses originating from macroeconomic and financial policies in major industrial countries. Any reform designed to bring greater legitimacy would need to address shortcomings in its governance structure, but the fund is unlikely to become a genuinely multilateral institution with equal rights and obligations for all its members, de facto as well as de jure, unless it ceases to depend on a few countries for resources and there is a clear separation between multilateral and bilateral arrangements in debt and finance.

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Paper provided by United Nations Conference on Trade and Development in its series G-24 Discussion Papers with number 38.

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Date of creation: 2005
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Handle: RePEc:unc:g24pap:38

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Amelia Santos-Paulino & A. P. Thirlwall, 2004. "The impact of trade liberalisation on exports, imports and the balance of payments of developing countries," Economic Journal, Royal Economic Society, vol. 114(493), pages F50-F72, 02. [Downloadable!] (restricted)
Robert N McCauley, 2001. "Setting Monetary Policy in East Asia: Goals, Developments and Institutions," RBA Annual Conference Volume, in: David Gruen & John Simon (ed.), Future Directions for Monetary Policies in East Asia Reserve Bank of Australia. [Downloadable!]
Wasseem Mina & Jorge Martinez-Vazquez, 2002. "IMF Lending, Maturity of International Debt and Moral Hazard," International Studies Program Working Paper Series, at AYSPS, GSU paper0301, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
Jan KREGEL, 2004. "External Financing For Development And International Financial Instability," G-24 Discussion Papers 32, United Nations Conference on Trade and Development. [Downloadable!]
Gilbert, Christopher & Powell, Andrew & Vines, David, 1999. "Positioning the World Bank," Economic Journal, Royal Economic Society, vol. 109(459), pages F598-633, November. [Downloadable!] (restricted)

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Yilmaz Akyuz, 2006. "From Liberalization To Investment and Jobs: Lost in Translation," Working Papers 2006/3, Turkish Economic Association. [Downloadable!]

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