IMF quotas: Constructing an international organization using inferior building blocks |
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Authors: | Graham Bird Dane Rowlands |
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Institution: | (1) Surrey Centre for International Economic Studies, University of Surrey, Guildford, Surrey, GU2 7XH, UK;(2) The Norman Paterson School of International Affairs, Carleton University, Ottawa, Ontario, K15 5B6, Canada |
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Abstract: | The International Monetary Fund's structure and rules are based on the quota system that was constructed when the Fund was
set up in 1946. Quotas affect contributions and resource availability at the Fund, access to resources, the distribution of
Special Drawing Rights, and voting rights. Despite periodic reviews and modifications, the quota system has gradually been
eroded and undermined. The fundamental problem is that a single system is attempting to serve four separate and incompatible
functions. We illustrate how this erosion has taken place, and how an unreformed quota system will compromise the future operations
of the IMF and the international monetary and financial system. Although the difficulties associated with reforming quotas
are myriad and complex, the legacy of an unreformed quota system may be profoundly undesirable. We argue that a refined IMF
structure must accommodate a clearer separation of a member's contributions to the IMF, its access to IMF resources, and its
voting rights at the institution.
JEL codes F42 · H79 · H11 |
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Keywords: | IMF Reform Quota system |
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