Rethinking the governance of the International Monetary Fund
By: prepared by Abbas Mirakhor and Iqbal Zaidi.
Contributors: Zaidi, Iqbal Mehdi.; International Monetary Fund. Office of Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan and Tunisia.
Series: IMF working paper -- WP/06/273
Publisher: International Monetary Fund, Office of the Executive Director for the Islamic Republic of Afghanistan, Algeria, Ghana, the Islamic Republic of Iran, Morocco, Pakistan, and Tunisia
Published: 2006
Place of publication: [Washington, D.C.]
Language: eng
Number of pages: 46
Subjects: International Monetary Fund -- Management.
Description: This paper 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, we argue that "justice is the first virtue of social institutions," and we use 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.
Notes: Caption title.

"December 2006."

Includes bibliographical references (p. 43-46).