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Empowering the IMF: Should Reform be a Requirement for Increasing the Fund's Resources?

Author

Listed:
  • Mark Weisbrot
  • Jose Cordero
  • Luis Sandoval

Abstract

This paper briefly reviews the IMF’s current practices and policy-making in the context of a proposed quadrupling of IMF resources to $1 trillion dollars, and a consequent increase in the Fund’s influence over economic policy-making in developing countries. It finds that the IMF is still prescribing inappropriate policies that could unnecessarily exacerbate economic downturns in a number of countries. The paper concludes that these pro-cyclical policies can exacerbate the world economic downturn. Perhaps more importantly, the re-establishment of the IMF as a major power in economic and decision-making in low-and-middle income countries, with little or no voice for these countries in the IMF’s decision-making, could have long-term implications for growth, development, and social indicators in many countries. The authors propose some reforms in the areas of governance and accountability to be attached of funding increases, in order to help prevent adverse outcomes.

Suggested Citation

  • 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).
  • Handle: RePEc:epo:papers:2009-15
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    File URL: http://www.cepr.net/documents/publications/imf-reform-2009-04.pdf
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    Cited by:

    1. Mark Weisbrot & Rebecca Ray & Jake Johnston & Jose Antonio Cordero, 2009. "IMF-Supported Macroeconomic Policies and the World Recession: A Look at Forty-One Borrowing Countries," CEPR Reports and Issue Briefs 2009-37, Center for Economic and Policy Research (CEPR).
    2. Ilene Grabel, 2010. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. Khan, Haider, 2011. "Constructing Global Governance of Global Finance: Towards a Hybrid Global Financial Architecture," MPRA Paper 40249, University Library of Munich, Germany, revised Jan 2012.
    4. Khan, Haider, 2013. "Deep Financial Crises, Reforming the IMF and Building Regional Autonomy:Towards a New Hybrid Global Financial Architecture," MPRA Paper 49514, University Library of Munich, Germany.
    5. Khan, Haider, 2013. "Basel III, BIS and Global Financial Governance," MPRA Paper 49513, University Library of Munich, Germany.
    6. Ilene Grabel, 2011. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241_revised, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. Khan, Haider, 2013. "Global Financial Governance: Towards a New Global Financial Architecture for Averting Deep Financial Crises," MPRA Paper 49275, University Library of Munich, Germany.
    8. ORASTEAN Ramona, 2014. "The Lending Arrangements Of The Imf In European Union In Times Of Crisis – Characteristics And Evolutions," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 9(1), pages 134-141, April.

    More about this item

    Keywords

    IMF;

    JEL classification:

    • F - International Economics
    • F1 - International Economics - - Trade
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F2 - International Economics - - International Factor Movements and International Business
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F3 - International Economics - - International Finance
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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