Advanced search
1 file | 513.81 KB

Rising powers and IMF governance reform

Dries Lesage (UGent) , Peter Debaere (UGent) , Sacha Dierckx (UGent) and Mattias Vermeiren (UGent)
Author
Organization
Abstract
The International Monetary Fund (IMF) has long been under fire for not adapting its governance and quota structure to the growing economic weight of emerging and developing countries in the world order. Starting from the preferences of the main players (BRICS, US and advanced European countries), this chapter discusses the 2010 quota and governance reform package to address this problem and advances explanations for its modest outcome. It is argued that the US and the European countries enjoyed substantial ‘structural’ and ‘institutional’ power in ways that reduced the influence of the BRICS to impose a more generous reshuffling of voting power within the IMF. Furthermore, we assess the current state of implementation of the 2010 reforms and discuss its follow-up, namely the debate on the new quota formula and the next quota review. While large emerging and developing countries might develop alternative options to reduce their dependency on the IMF, they have definitely not turned their back on the IMF in the face of lack of progress in the reform process.
Keywords
quota, governance, US, BRICS, reform, Rising powers, IMF

Downloads

  • (...).pdf
    • full text
    • |
    • UGent only
    • |
    • PDF
    • |
    • 513.81 KB

Citation

Please use this url to cite or link to this publication:

Chicago
Lesage, Dries, Peter Debaere, Sacha Dierckx, and Mattias Vermeiren. 2015. “Rising Powers and IMF Governance Reform.” In Rising Powers and Multilateral Institutions, ed. Dries Lesage and Thijs Van de Graaf, 153–174. Palgrave Macmillan.
APA
Lesage, D., Debaere, P., Dierckx, S., & Vermeiren, M. (2015). Rising powers and IMF governance reform. In D. Lesage & T. Van de Graaf (Eds.), Rising powers and multilateral institutions (pp. 153–174). Palgrave Macmillan.
Vancouver
1.
Lesage D, Debaere P, Dierckx S, Vermeiren M. Rising powers and IMF governance reform. In: Lesage D, Van de Graaf T, editors. Rising powers and multilateral institutions. Palgrave Macmillan; 2015. p. 153–74.
MLA
Lesage, Dries, Peter Debaere, Sacha Dierckx, et al. “Rising Powers and IMF Governance Reform.” Rising Powers and Multilateral Institutions. Ed. Dries Lesage & Thijs Van de Graaf. Palgrave Macmillan, 2015. 153–174. Print.
@incollection{5950565,
  abstract     = {The International Monetary Fund (IMF) has long been under fire for not adapting its governance and quota structure to the growing economic weight of emerging and developing countries in the world order.  Starting from the preferences of the main players (BRICS, US and advanced European countries), this chapter discusses the 2010 quota and governance reform package to address this problem and advances explanations for its modest outcome. It is argued that the US and the European countries enjoyed substantial {\textquoteleft}structural{\textquoteright} and {\textquoteleft}institutional{\textquoteright} power in ways that reduced the influence of the BRICS to impose a more generous reshuffling of voting power within the IMF. Furthermore, we assess the current state of implementation of the 2010 reforms and discuss its follow-up, namely the debate on the new quota formula and the next quota review. While large emerging and developing countries might develop alternative options to reduce their dependency on the IMF, they have definitely not turned their back on the IMF in the face of lack of progress in the reform process.},
  author       = {Lesage, Dries and Debaere, Peter and Dierckx, Sacha and Vermeiren, Mattias},
  booktitle    = {Rising powers and multilateral institutions},
  editor       = {Lesage, Dries and Van de Graaf, Thijs},
  isbn         = {9781137397591},
  language     = {eng},
  pages        = {153--174},
  publisher    = {Palgrave Macmillan},
  series       = {International Political Economy Series},
  title        = {Rising powers and IMF governance reform},
  year         = {2015},
}