Chapter

Rethinking the Governance of the International Monetary Fund

Abbas Mirakhor and Iqbal Zaidi

in Finance, Development, and the IMF

Published in print June 2009 | ISBN: 9780199239863
Published online September 2009 | e-ISBN: 9780191716805 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199239863.003.0014
Rethinking the Governance of the International Monetary Fund

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This chapter attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, it argues that ‘justice is the first virtue of social institutions’, and uses his theory of justice to provide a method for understanding what should be the case, in the context of voice and voting shares, before international institutions, such as the IMF, are to be justifiable to their members. The implementation of this process suggests, among other things, that a major revision of the quota formulas is long overdue, and leaving this unaddressed raises serious questions regarding the IMF's governance which could develop into a core mission risk and jeopardize the relevance of the institution.

Keywords: IMF governance; IMF reform; quotas; shares; theory of justice; voice reform; John Rawls

Chapter.  18596 words. 

Subjects: Financial Markets

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