Emerging Powers and Global Governance: Whither the IMF?

Author/Editor:

Rakesh Mohan ; Muneesh Kapur

Publication Date:

October 2, 2015

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

The governance structure in global bodies like the IMF continues to be disproportionally dominated by advanced economies. Sustained rapid growth in emerging and developing economies (EDEs) in the past 2-3 decades has led to their growing relative weight in the global economy, but with little increase in their voice in the IMF. The emergence of regional financial arrangements reflects the growing dissatisfaction of the EDEs with the current framework. The global economy is on the cusp of an epochal change moving the fulcrum of economic power from the North Atlantic towards Asia after more than 200 years. This must be recognized and responded to adequately.

Series:

Working Paper No. 2015/219

Subject:

Expenditure Financial crises Financial regulation and supervision Financial sector policy and analysis Financial sector stability Foreign exchange Public investment and public-private partnerships (PPP) Purchasing power parity

English

Publication Date:

October 2, 2015

ISBN/ISSN:

9781513557403/1018-5941

Stock No:

WPIEA2015219

Pages:

55

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