International Monetary Fund - Steps to Reform

Reformní kroky Mezinárodního měnového fondu

Jana Marková

Český finanční a účetní časopis, 2012, vol. 2012, issue 4, 71-86

Abstract: The submitted article deals with the International Monetary Fund as one of the most important multinational institutions, the priority aim of which was to contribute to the achievement of international monetary stability. Since its inception, the distribution of power and economic power has shifted towards dynamically emerging economies such as Brazil, India, Russia and especially China, and this situation should be reflected within the Fund as well. The main attention in the text is therefore given to the realized reform of members' quotas, from which the voting strength is derived and thus the influence in this institution. Based on the data on the proportion of the G8 and G20 countries on the world GDP, world exports and foreign exchange reserves, the relationship between economic power of these countries and their representation in the governing bodies of the Fund is analysed. At the same time the text is addressed to other already implemented and newly upcoming reform steps towards developing a strategy to prevent financial crises. The implementation of the measures accentuated in the text would undoubtedly contribute to the enhancement of the legitimacy of this institution, and the fulfilment of its contemporary mission. So it could fully justify its place in the international monetary system.

Keywords: Bretton-Woods monetary system; Reform of the International Monetary Fund; New model for calculating member quotas; Financial crisis; Bretton-woodský měnový systém; Finanční krize; Nový model výpočtu členské kvóty; Reforma Mezinárodního měnového fondu (search for similar items in EconPapers)
JEL-codes: F33 (search for similar items in EconPapers)
Date: 2012
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DOI: 10.18267/j.cfuc.8

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