Emerging Powers and Global Governance: Whither the IMF?
October 2, 2015
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Summary
The governance structure in global bodies like the IMF continues to be disproportionally dominated by advanced economies. Sustained rapid growth in emerging and developing economies (EDEs) in the past 2-3 decades has led to their growing relative weight in the global economy, but with little increase in their voice in the IMF. The emergence of regional financial arrangements reflects the growing dissatisfaction of the EDEs with the current framework. The global economy is on the cusp of an epochal change moving the fulcrum of economic power from the North Atlantic towards Asia after more than 200 years. This must be recognized and responded to adequately.
Subject: Expenditure, Financial crises, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Foreign exchange, Public investment and public-private partnerships (PPP), Purchasing power parity
Keywords: Emerging Markets, Europe, Financial sector stability, Global, Global Governance, governance structure, IMF article, IMF governance, IMF quota increase, IMF reform, IMF resource, International Monetary Fund, North America, Public investment and public-private partnerships (PPP), Purchasing power parity, quota resource, quota share, Quotas, summit meeting, WP
Pages:
55
Volume:
2015
DOI:
Issue:
219
Series:
Working Paper No. 2015/219
Stock No:
WPIEA2015219
ISBN:
9781513557403
ISSN:
1018-5941
