Global Economic Governance: IMF Quota Reform
IMF Working Papers, August 1, 2011
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Bibliographic details
- Authors: Arvind Virmani
- Published: August 1, 2011
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781463902186.001
Summary
- The paper examines the principles on which a reform of a Quota based global economic institution like the IMF must be based, taking account of both the relative economic power of countries and the need for voice and representation of the poor countries.
- These principles are then used in the context of the global economic realities of the 21st century to examine the suitability of different variables in the IMF.s Quota formula.
- Based on this analysis a simple transparent formula is suggested, which will help increase the credibility and legitimacy of the IMF as a global macroeconomic and financial institution.
Principles and considerations for quota reform
- Account for the relative economic power of countries.
- Ensure voice and representation of poor countries.
- Balance credibility and legitimacy of the IMF as a global macroeconomic and financial institution.
Analysis of quota formula variables
- The paper examines the suitability of different variables in the IMF.s Quota formula in light of 21st century global economic realities.
- Emphasis on selecting variables that reflect both economic weight and representation concerns.
Recommendation: a simple transparent formula
- A simple transparent formula is suggested to increase the IMF.s credibility and legitimacy.
- The recommendation is based on the prior analysis of appropriate variables and the stated principles of reform.
Subject areas and keywords
- Subject: Balance of payments, Capital flows, Exchange rates, Financial crises, Foreign exchange, Market exchange rates, Purchasing power parity
- Keywords: blend value ranking, Capital flows, country, country population share, country share, country's contribution, economic growth, Economic Sovreignity, economy, Exchange rates, GDP PPP, GDP share, Global, Governance, IMF projection, IMF WEO growth projection, IMFS mandate, IMFS objective, International Monetary Fund (IMF), Market exchange rates, population share, Purchasing power parity, quota formula, Quota Reform, quota share, share, Voice, WP
Arvind Virmani. "Global Economic Governance: IMF Quota Reform", IMF Working Papers 2011, 208 (2011), accessed 9/17/2026, https://doi.org/10.5089/9781463902186.001
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