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Books > Business & Economics > Economics > International economics > International finance
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A Strategy for IMF Reform (Paperback, New)
Loot Price: R747
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A Strategy for IMF Reform (Paperback, New)
Series: Policy Analyses in International Economics
Expected to ship within 10 - 15 working days
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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 financialsectors; 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.
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