{"id":24027,"date":"2023-04-26T11:56:25","date_gmt":"2023-04-26T15:56:25","guid":{"rendered":"https:\/\/www.bu.edu\/gdp\/?p=24027"},"modified":"2023-10-13T09:19:17","modified_gmt":"2023-10-13T13:19:17","slug":"the-international-monetary-fund-and-quota-reform-background-and-key-considerations","status":"publish","type":"post","link":"https:\/\/www.bu.edu\/gdp\/2023\/04\/26\/the-international-monetary-fund-and-quota-reform-background-and-key-considerations\/","title":{"rendered":"The International Monetary Fund and Quota Reform: Background and Key Considerations"},"content":{"rendered":"<figure id=\"attachment24028\" aria-describedby=\"caption-attachment24028\" style=\"width: 719px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.bu.edu\/gdp\/2023\/04\/26\/the-international-monetary-fund-and-quota-reform-background-and-key-considerations\/nichika-yoshida-tolvcrp2z0a-unsplash\/\" rel=\"attachment wp-att-24028\"><img loading=\"lazy\" src=\"\/gdp\/files\/2023\/04\/nichika-yoshida-TOLVCrP2z0A-unsplash-636x424.jpg\" alt=\"\" width=\"709\" height=\"472\" class=\" wp-image-24028\" srcset=\"https:\/\/www.bu.edu\/gdp\/files\/2023\/04\/nichika-yoshida-TOLVCrP2z0A-unsplash-636x424.jpg 636w, https:\/\/www.bu.edu\/gdp\/files\/2023\/04\/nichika-yoshida-TOLVCrP2z0A-unsplash-1024x683.jpg 1024w, https:\/\/www.bu.edu\/gdp\/files\/2023\/04\/nichika-yoshida-TOLVCrP2z0A-unsplash-768x512.jpg 768w, https:\/\/www.bu.edu\/gdp\/files\/2023\/04\/nichika-yoshida-TOLVCrP2z0A-unsplash-1536x1024.jpg 1536w, https:\/\/www.bu.edu\/gdp\/files\/2023\/04\/nichika-yoshida-TOLVCrP2z0A-unsplash-2048x1365.jpg 2048w\" sizes=\"(max-width: 709px) 100vw, 709px\" \/><\/a><figcaption id=\"caption-attachment24028\" class=\"wp-caption-text\">Dar es Salaam, Tanzania. Photo by Nichika Yoshida via Unsplash.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As the global economy faces increasing challenges in the aftermath of the COVID-19 pandemic, and as interest rates continue to rapidly rise in the United States and across the Global North, emerging market and developing economies (EMDEs) are facing a perfect storm of high inflation, increased borrowing costs and surging debt levels. Against this backdrop, the International Monetary Fund (IMF) is preparing to undertake its 16<sup>th<\/sup> General Review of Quotas, after concluding the 15<sup>th<\/sup> General Review of Quotas with no increase.\u00a0<\/span><\/p>\n<p>How does the IMF&#8217;s quota system work and what themes should animate the discussion during the General Review?<\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"\/gdp\/files\/2023\/04\/GEGI_WP_060_FIN.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><b><i>new working paper<\/i><\/b><\/a><span style=\"font-weight: 400;\"> by <\/span><a href=\"https:\/\/www.bu.edu\/gdp\/profile\/lara-merling\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Lara Merling<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.bu.edu\/gdp\/profile\/william-n-kring\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">William N. Kring<\/span><\/a><span style=\"font-weight: 400;\"> explains the IMF quota system and identifies five crucial policy-oriented research questions to inform proposals for comprehensive reform at the 16<sup>th<\/sup> General Review of Quotas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The authors determine that for the IMF to remain a credible anchor of the Global Financial Safety Net (GFSN), and to be seen as legitimate by stakeholders in the global economy, the 16<sup>th<\/sup> General Review of Quotas must increase the institution\u2019s permanent resources and result in more equitable voice and representation for EMDEs.<\/span><\/p>\n<h5><b>This working paper raises policy-oriented research questions to be addressed by proposals for reform of the IMF\u2019s quota-based system:<\/b><\/h5>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What is the adequate size of the IMF in the increasingly financialized and fragile global economy?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How should the voice and representation of IMF members be adjusted to make the organization a truly more multilateral institution accountable to all members?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">How can the IMF, as the anchor of the GFSN, better coordinate financial stability measures throughout the global economy in a time of global crisis?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What has been the impact of IMF conditionality and insistence on austerity on the Fund&#8217;s ability to fulfill its mandate and for its borrowers?\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are viable alternatives to the IMF emerging, and what types of reforms are needed for the IMF to remain the anchor of the GFSN?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These questions formed the basis for discussion of a workshop hosted by the Boston University Global Development Policy Center in December 2022 entitled \u201cScaling-up the International Monetary Fund: Towards a Balanced Quota Reform,\u201d featuring participants with diverse global perspectives. Resulting proposals for reform will be outlined in a forthcoming report.\u00a0<\/span><\/p>\n<a href=\"\/gdp\/files\/2023\/04\/GEGI_WP_060_FIN.pdf\" class=\"button\">Read the Working Paper<\/a>\n","protected":false},"excerpt":{"rendered":"<p>As the global economy faces increasing challenges in the aftermath of the COVID-19 pandemic, and as interest rates continue to rapidly rise in the United States and across the Global North, emerging market and developing economies (EMDEs) are facing a perfect storm of high inflation, increased borrowing costs and surging debt levels. Against this backdrop, [&hellip;]<\/p>\n","protected":false},"author":20355,"featured_media":24028,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1149,55,99,156,77,1152,58,96],"tags":[3528,3318,389,592,1400,1049,3414,151,570,3529,459,3530,2990,2995,1882,3527,1575,772,178,1846,1847,2609,1350,1693,415],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/24027"}],"collection":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/users\/20355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/comments?post=24027"}],"version-history":[{"count":11,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/24027\/revisions"}],"predecessor-version":[{"id":25634,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/posts\/24027\/revisions\/25634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/media\/24028"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/media?parent=24027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/categories?post=24027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bu.edu\/gdp\/wp-json\/wp\/v2\/tags?post=24027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}