Rethinking the governance of the International Monetary Fund

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Author

Abbas Mirakhor

Contributions

Zaidi, Iqbal Mehdi. - Contributor
International Monetary Fund. Office of Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan and Tunisia. - Contributor

Publication

2006 - International Monetary Fund, Office of the Executive Director for the Islamic Republic of Afghanistan, Algeria, Ghana, the Islamic Republic of Iran, Morocco, Pakistan, and Tunisia, Washington, D.C., District of Columbia

Language

English

Word Count

11,500 words, Guess

Page Count

46 pages

Identifiers

Open LibraryOL21611039M

Description

This paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, we argue that "justice is the first virtue of social institutions," and we use his theory of justice to provide a method for understanding what should be the case, in the context of voice and voting shares, before international institutions, such as the IMF, are to be justifiable to their members. The implementation of this process suggests, among other things, that a major revision of the quota formulas is long overdue, and leaving this unaddressed raises serious questions regarding the IMF's governance which could develop into a core mission risk and jeopardize the relevance of the institution.

Subjects

Topics

Management International Monetary FundInternational Monetary Fund -- Management

Series Statement

IMF working paper -- WP/06/273

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