Who is Running the IMF: Critical Shareholders or the Staff?
The paper deals with the principal-agent relationship at the International Monetary Fund (IMF). We argue that residual control rights at the IMF are vested with the critical shareholders, the countries included in the G-7. This group controls vast financial resources and enjoys the highest regulatory and governance standards among IMF members. Imperfect incentives for monitoring and the complexity of the issues give staff and management a degree of autonomy. The evidence marshalled in the paper suggests that critical shareholders are in charge on those issues they care most about, leaving discretion to staff and management on peripheral issues.
|Date of creation:||2004|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://kelley.iu.edu/bepp/
More information through EDIRC
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.:
- Roland Vaubel & Axel Dreher & Uğurlu Soylu, 2007.
"Staff growth in international organizations: A principal-agent problem? An empirical analysis,"
Springer, vol. 133(3), pages 275-295, December.
- Roland Vaubel & Axel Dreher & Ugurlu Soylu, 2003. "Staff Growth in International Organizations: A Principal-Agent Problem? An Empirical Analysis," Public Economics 0306006, EconWPA, revised 08 Jul 2003.
- Michael Mussa, 2002. "Argentina and the Fund: From Triumph to Tragedy," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa67.
- Hart, Oliver, 1995. "Corporate Governance: Some Theory and Implications," Economic Journal, Royal Economic Society, vol. 105(430), pages 678-89, May.
- Michael D. Bordo & Harold James, 2000. "The International Monetary Fund: Its Present Role in Historical Perspective," NBER Working Papers 7724, National Bureau of Economic Research, Inc.
- Fukuda, Shin-ichi & Hoshi, Takeo & Ito, Takatoshi & Rose, Andrew, 2006. "International Finance," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 455-458, December.
- Tirole, Jean, 1994.
"The Internal Organization of Government,"
Oxford Economic Papers,
Oxford University Press, vol. 46(1), pages 1-29, January.
- Robert J. Barro & Jong-Wha Lee, 2002.
"IMF Programs: Who is Chosen and What Are the Effects?,"
NBER Working Papers
8951, National Bureau of Economic Research, Inc.
- Barro, Robert J. & Lee, Jong-Wha, 2005. "IMF programs: Who is chosen and what are the effects?," Journal of Monetary Economics, Elsevier, vol. 52(7), pages 1245-1269, October.
- Robert J Barro & Jong-Wha Lee, 2003. "IMF Programs: Who Is Chosen and What Are the Effects?," Departmental Working Papers 2003-09, The Australian National University, Arndt-Corden Department of Economics.
- Thomas D. Willett, 2001. "Upping the Ante for Political Economy Analysis of the International Financial Institutions," The World Economy, Wiley Blackwell, vol. 24(3), pages 317-332, 03.
- Nielson, Daniel L. & Tierney, Michael J., 2003. "Delegation to International Organizations: Agency Theory and World Bank Environmental Reform," International Organization, Cambridge University Press, vol. 57(02), pages 241-276, March.
- Barnett, Michael N. & Finnemore, Martha, 1999. "The Politics, Power, and Pathologies of International Organizations," International Organization, Cambridge University Press, vol. 53(04), pages 699-732, September.
When requesting a correction, please mention this item's handle: RePEc:iuk:wpaper:2004-06. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rick Harbaugh)
If references are entirely missing, you can add them using this form.