IDEAS home Printed from https://ideas.repec.org/a/sae/soasur/v21y2014i1-2p194-210.html
   My bibliography  Save this article

Re-imagining the International Monetary Fund

Author

Listed:
  • Manisha Sinha

Abstract

The admission by the International Monetary Fund (IMF) that it did not accurately estimate the damage that austerity will do to the Greek economy is yet another failure of the world body. It has admitted making similar mistakes in the past in handling economic crises in Mexico, Russia and Argentina. What was the exact nature of the Greek financial crisis? And how did the IMF handle this crisis? What were the Fund’s follies in its handling of the Greek crisis? Is there a pattern in the follies of the Fund in handling economic crises? If yes, then what does it tell us about the IMF and its governance of the world economy? This article seeks to answer these questions in the wake of long-pending reforms of the Fund’s governing structure and voting rights. Obviously, there is a need for more than just ‘fine-tuning’ of the Fund’s lending policies. Reforms such as expansion of the governing committee and increasing the quota share of developing countries are crucial for ‘re-imagining’ a stronger and more effective IMF that is more in tune with the changing global order of the twenty-first century. This article will take stock of the IMF quota and governance reforms initiated by the Fund in 2010 and review some other reform proposals that reflect the significant shifts in global economic power in the twenty-first century.

Suggested Citation

  • Manisha Sinha, 2014. "Re-imagining the International Monetary Fund," South Asian Survey, , vol. 21(1-2), pages 194-210, March.
  • Handle: RePEc:sae:soasur:v:21:y:2014:i:1-2:p:194-210
    DOI: 10.1177/0971523115592523
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0971523115592523
    Download Restriction: no

    File URL: https://libkey.io/10.1177/0971523115592523?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Copelovitch,Mark S., 2010. "The International Monetary Fund in the Global Economy," Cambridge Books, Cambridge University Press, number 9780521143585, October.
    2. Michael Mussa, 2002. "Argentina and the Fund: From Triumph to Tragedy," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa67, February.
    3. repec:cup:cbooks:9780521194334 is not listed on IDEAS
    4. Anna Visvizi, 2012. "The crisis in Greece and the EU-IMF rescue package: Determinants and pitfalls," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 62(1), pages 15-39, March.
    5. Mr. Claudio M. Loser & Mr. Eliot Kalter, 1992. "Mexico: The Strategy to Achieve Sustained Economic Growth," IMF Occasional Papers 1992/002, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Auguste, Sebastian & Dominguez, Kathryn M.E. & Kamil, Herman & Tesar, Linda L., 2006. "Cross-border trading as a mechanism for implicit capital flight: ADRs and the Argentine crisis," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1259-1295, October.
    2. repec:hal:wpspec:info:hdl:2441/4vc7skecu3q7u7s984pi2eaan is not listed on IDEAS
    3. Frank X. Zhang, 2003. "What did the credit market expect of Argentina default? Evidence from default swap data," Finance and Economics Discussion Series 2003-25, Board of Governors of the Federal Reserve System (U.S.).
    4. Randall Stone, 2013. "Informal governance in international organizations: Introduction to the special issue," The Review of International Organizations, Springer, vol. 8(2), pages 121-136, June.
    5. Jérôme Sgard, 2004. "Ce qu’on en dit après : le « currency board » argentin et sa fin tragique," SciencePo Working papers Main hal-01019663, HAL.
    6. Sebastian Edwards, 1997. "The Mexican Peso Crisis? How Much Did We Know? When Did We Know It?," NBER Working Papers 6334, National Bureau of Economic Research, Inc.
    7. Jeffrey A. Frankel & Shang-Jin Wei, 2004. "Managing Macroeconomic Crises," NBER Working Papers 10907, National Bureau of Economic Research, Inc.
    8. Voszka, Éva, 2015. "Államosítás, privatizáció és gazdaságpolitika - a főirány széttöredezése [Nationalization and privatization - in the shadow of changing paradigms of economic policy]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 717-748.
    9. Barry Eichengreen & Douglas A. Irwin, 2008. "International Economic Policy: Was There a Bush Doctrine?," NBER Working Papers 13831, National Bureau of Economic Research, Inc.
    10. Ali Burak Güven, 2012. "The IMF, the World Bank, and the Global Economic Crisis: Exploring Paradigm Continuity," Development and Change, International Institute of Social Studies, vol. 43(4), pages 869-898, July.
    11. Anne O. Krueger, 2019. "Increased capital mobility and policy reform in developing countries," Indian Economic Review, Springer, vol. 54(1), pages 113-133, December.
    12. World Bank, 2003. "Argentina : Reforming Policies and Institutions for Efficiency and Equity of Public Expenditures," World Bank Publications - Reports 14637, The World Bank Group.
    13. Jeffry Frieden & Stefanie Walter, 2019. "Analyzing inter-state negotiations in the Eurozone crisis and beyond," European Union Politics, , vol. 20(1), pages 134-151, March.
    14. Joao Ayres & Gaston Navarro & Juan Pablo Nicolini & Pedro Teles, 2019. "Self-Fulfilling Debt Crises with Long Stagnations," Working Papers 757, Federal Reserve Bank of Minneapolis.
    15. Morris Goldstein, 2003. "Debt Sustainability, Brazil, and the IMF," Working Paper Series WP03-1, Peterson Institute for International Economics.
    16. Sergio Clavijo, 2000. "Las Multilaterales Y Las Crisis Asiática (1997-2000): La Visión Desde Un País Usuario (Colombia)," Borradores de Economia 3119, Banco de la Republica.
    17. Gerardo Della Paolera & Alan M. Taylor, 2003. "Gaucho Banking Redux," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 1-42, January.
    18. Diego Nocetti, 2006. "Central bank´s value at risk and financial crises: An application to the 2001 Argentine crisis," Journal of Applied Economics, Universidad del CEMA, vol. 9, pages 381-402, November.
    19. M. Ayhan Kose & Guy M. Meredith & Christopher M. Towe, 2005. "How Has NAFTA Affected the Mexican Economy? Review and Evidence," Springer Books, in: Rolf J. Langhammer & Lúcio Vinhas Souza (ed.), Monetary Policy and Macroeconomic Stabilization in Latin America, pages 35-81, Springer.
    20. World Bank, 2003. "India : Sustaining Reform, Reducing Poverty," World Bank Publications - Reports 14617, The World Bank Group.
    21. Malgorzata Sulimierska, 2008. "Capital Account Liberalization and Currency Crisis - The Case of Central Eastern European Countries," International Trade and Finance Association Conference Papers 1140, International Trade and Finance Association.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:soasur:v:21:y:2014:i:1-2:p:194-210. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.