A Strategy for IMF Reform / Edition 1

A Strategy for IMF Reform / Edition 1

by Edwin M. Truman
     
 

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ISBN-10: 0881323985

ISBN-13: 9780881323986

Pub. Date: 02/28/2006

Publisher: Peterson Institute for International Economics

The International Monetary Fund (IMF) is in eclipse
as the preeminent institution promoting international
economic and financial stability. Successful reform
of the IMF must engage the full spectrum of its members.
The IMF should not focus primarily on its low-income
members and the challenges of global poverty nor should it focus exclusively on

Overview

The International Monetary Fund (IMF) is in eclipse
as the preeminent institution promoting international
economic and financial stability. Successful reform
of the IMF must engage the full spectrum of its members.
The IMF should not focus primarily on its low-income
members and the challenges of global poverty nor should it focus exclusively on international
financial crises affecting a small group of vulnerable
emerging-market economies. Instead, it must be engaged
with each of its members potentially on the
full range of their economic and financial policies
and play a central role in shaping global economic
performance. This important new book strongly
argues that systemically important countries, starting
with the Group of Seven, must support the IMF in this
role. Its recommendations cover all key aspects of
IMF responsibilities and operations: (1) In the crucial
area of governance, the membership of the IMF
should promptly address the reallocation of IMF
shares (voting power) and the reallocation of chairs
(representation on the IMF executive board), and it
is time to discard the old conventions and to adopt
a merit-based approach to the choice of the IMF's
leadership; (2) mechanisms should be put in place
to increase the IMF's leverage over systemically important
members, and the IMF must act more forcefully
in discharging its responsibility to exercise firm
surveillance over members' exchange rate policies;
(3) the Fund's central role in external financial crises
should be reaffirmed; (4) the IMF should narrow and
refocus its involvement with its low-income members;
(5) the IMF's activities should be updated with
respect to members' capital account policies and
financial sectors; and (6) the IMF should put in place
procedures for borrowing from the market to guard
against the possibility that it will not receive timely
increases in its quota resources.

Product Details

ISBN-13:
9780881323986
Publisher:
Peterson Institute for International Economics
Publication date:
02/28/2006
Series:
Policy Analyses in International Economics Ser.
Edition description:
New Edition
Pages:
128
Product dimensions:
6.34(w) x 9.02(h) x 0.38(d)

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