IMF’S REFORMS AND BRICS’ NEW INTERNATIONAL FINANCIAL INSTITUTIONS: PROGRESS AND POLICIES

Zhang Jiaming ()
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Zhang Jiaming: Fudan University, China

Romanian Economic Business Review, 2015, vol. 10, issue 3, 133-149

Abstract: The progress on the IMF’s reform has stalled. Comparing with substitutive alternatives, an interim solution, that is either delinking or ad hoc increases in quotas, could be the best choice among the bad options at present. Because of the maintenance of de facto veto and voting dominance pursued by the US, the prospect of further reforms in the IMF is dim. BRICS members are developing new international financial institutions not only in order to meet their own economic demands, but also to push the IMF reform forward. An idea on all-win pattern of competition is provided in this article to refer to the policies BRICS can adopt

Keywords: International Monetary Fund; reform; BRICS; Contingency Reserve Arrangement; New Development Bank (search for similar items in EconPapers)
Date: 2015
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