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Reforming the Governance of the International Monetary Fund

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  • Vijay Kelkar
  • Vikash Yadav
  • Praveen Chaudhry

Abstract

Democratising the governance of the IMF will significantly improve the institution's capacity to manage crises. The implementation of a democratic framework requires a reform of the Fund's 'quota regime,' which mediates the distribution of voting power. An optimal reform of the quota regime that reflects the increased weight of emerging economies requires matching the number of policy objectives with the number of policy instruments. Presently, there is a classic 'assignment problem' whereby one policy instrument (i.e., the quota regime) is aimed at achieving three objectives (i.e., member contribution obligations, access rights, and voting rights). Three different instruments need to be adopted. Member contributions should be based on member's capacity to pay; access to resources should be based on need; and voting rights should balance the rights of creditors with the principle of sovereign equality. These reforms will enhance the Fund's legitimacy and accountability as a forum for global economic policy-making. Copyright Blackwell Publishing Ltd 2004.

Suggested Citation

  • Vijay Kelkar & Vikash Yadav & Praveen Chaudhry, 2004. "Reforming the Governance of the International Monetary Fund," The World Economy, Wiley Blackwell, vol. 27(5), pages 727-743, May.
  • Handle: RePEc:bla:worlde:v:27:y:2004:i:5:p:727-743
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    Citations

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    Cited by:

    1. Graham Bird & Dane Rowlands, 2006. "IMF quotas: Constructing an international organization using inferior building blocks," The Review of International Organizations, Springer, vol. 1(2), pages 153-171, June.
    2. Rapkin, David P. & Strand, Jonathan R., 2005. "Developing country representation and governance of the International Monetary Fund," World Development, Elsevier, vol. 33(12), pages 1993-2011, December.
    3. Jonathan R. Strand & Kenneth J. Retzl, 2016. "Did Recent Voice Reforms Improve Good Governance within the World Bank?," Development and Change, International Institute of Social Studies, vol. 47(3), pages 415-445, May.
    4. Jonathan David Ostry & Jeronimo Zettelmeyer, 2005. "Strengthening IMF Crisis Prevention," IMF Working Papers 05/206, International Monetary Fund.

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