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Reforming the IMF: Back to the drawing board

Author

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  • Yılmaz AKYÜZ

    (Unctad)

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 bail-out 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.

Suggested Citation

  • Yılmaz AKYÜZ, 2006. "Reforming the IMF: Back to the drawing board," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 21(239), pages 5-45.
  • Handle: RePEc:iif:iifjrn:v:21:y:2006:i:239:p:5-45
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    More about this item

    Keywords

    international economics; international organizations; imf; development policy; financial crises;

    JEL classification:

    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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