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Members' Voting Power in the Governance of the International Monetary Fund

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  • Leech, D.

Abstract

In general in an organization whose system of governance involves weighted voting, a member's weight in terms of the number of votes and the formal power it represents differ. Power indices provide a means of analyzing this difference. The paper uses new algorithms for computing power indices for large games.

Suggested Citation

  • Leech, D., 2000. "Members' Voting Power in the Governance of the International Monetary Fund," The Warwick Economics Research Paper Series (TWERPS) 583, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:583
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/2008/twerp583a.pdf
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    References listed on IDEAS

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    1. Garrett, Geoffrey & Tsebelis, George, 1996. "An institutional critique of intergovernmentalism," International Organization, Cambridge University Press, vol. 50(2), pages 269-299, April.
    2. Laruelle, Annick & Widgren, Mika, 1998. "Is the Allocation of Voting Power among EU States Fair?," Public Choice, Springer, vol. 94(3-4), pages 317-339, March.
    3. Leech, D., 1997. "Power Relations in the International Monetary Fund: A Study of the Political Economy of a Priori Voting Power Using the Theory of Simple Games," The Warwick Economics Research Paper Series (TWERPS) 494, University of Warwick, Department of Economics.
    4. Dan S. Felsenthal & Moshé Machover, 1998. "The Measurement of Voting Power," Books, Edward Elgar Publishing, number 1489.
    5. Straffin, Philip Jr., 1994. "Power and stability in politics," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 2, chapter 32, pages 1127-1151, Elsevier.
    6. Jan-Erik Lane & Sven Berg, 1999. "Relevance of Voting Power," Journal of Theoretical Politics, , vol. 11(3), pages 309-320, July.
    7. Shapley, L. S. & Shubik, Martin, 1954. "A Method for Evaluating the Distribution of Power in a Committee System," American Political Science Review, Cambridge University Press, vol. 48(3), pages 787-792, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Leech, Dennis, 2010. "Power Indices in Large Voting Bodies," The Warwick Economics Research Paper Series (TWERPS) 942, University of Warwick, Department of Economics.
    2. Leech, Dennis & Leech, Robert, 2009. "Reforming IMF and World Bank governance : in search of simplicity, transparency and democratic legitimacy in the voting rules," The Warwick Economics Research Paper Series (TWERPS) 914, University of Warwick, Department of Economics.
    3. Fuad Aleskerov, 2008. "Power distribution in the electoral body with an application to the Russian Parliament," ICER Working Papers - Applied Mathematics Series 11-2008, ICER - International Centre for Economic Research.
    4. Ludovic Renou, 2011. "Group Formation and Governance," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 13(4), pages 595-630, August.
    5. Fuad Aleskerov, 2006. "Power Indices Taking into Account Agents’ Preferences," Studies in Choice and Welfare, in: Bruno Simeone & Friedrich Pukelsheim (ed.), Mathematics and Democracy, pages 1-18, Springer.
    6. Michel Le Breton & Peter Sudhölter & Vera Zaporozhets, 2012. "Sequential legislative lobbying," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 39(2), pages 491-520, July.
    7. Abraham Diskin & Moshe Koppel, 2010. "Voting power: an information theory approach," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 34(1), pages 105-119, January.
    8. Julien Reynaud & Fabien Lange & Łukasz Gątarek & Christian Thimann, 2011. "Proximity in Coalition Building," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 3(3), pages 111-132, September.
    9. Ansgar Belke & Barbara Styczynska, 2006. "The Allocation of Power in the Enlarged ECB Governing Council: An Assessment of the ECB Rotation Model," Journal of Common Market Studies, Wiley Blackwell, vol. 44(5), pages 865-897, December.
    10. Dennis Leech, 2001. "Shareholder Voting Power and Corporate Governance: A Study of Large British Companies," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 27, pages 33-54.
    11. Leech, Dennis, 2003. "The Utility of the Voting Power Approach," The Warwick Economics Research Paper Series (TWERPS) 678, University of Warwick, Department of Economics.
    12. Pavel Doležel, 2011. "Optimizing the Efficiency of Weighted Voting Games," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 5(3), pages 306-323, November.

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    More about this item

    Keywords

    VOTING ; GAMES ; SHAREHOLDERS;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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