Global Economic Governance: IMF Quota Reform

Author/Editor:

Arvind Virmani

Publication Date:

August 1, 2011

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 paper examines the principles on which a reform of a Quota based global economic institution like the IMF must be based, taking account of both the relative economic power of countries and the need for voice and representation of the poor countries. These principles are then used in the context of the global economic realities of the 21st century to examine the suitability of different variables in the IMF.s Quota formula. Based on this analysis a simple transparent formula is suggested, which will help increase the credibility and legitimacy of the IMF as a global macroeconomic and financial institution.

Series:

Working Paper No. 2011/208

Subject:

Balance of payments Capital flows Exchange rates Financial crises Foreign exchange Market exchange rates Purchasing power parity

English

Publication Date:

August 1, 2011

ISBN/ISSN:

9781463902186/1018-5941

Stock No:

WPIEA2011208

Pages:

22

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