The G-20 and International Financial Institution Governance

Edwin Truman

No WP10-13, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper addresses the agenda for the Group of Twenty (G-20) leaders' meeting in Seoul, Korea in November 2010. This is an opportunity and challenge for Asian leaders in particular. Their test will be, first, to demonstrate that they can responsibly advance economic recovery. They must also deliver on institutional reform, in particular of the International Monetary Fund (IMF). Author Edwin M. Truman advocates a substantial expansion of the IMF's role as lender of last resort that is integrated with the surveillance role of the IMF in the form of comprehensive prequalification for IMF assistance and policy advice and a substantial increase in the IMF's financial resources. Truman also propose an approach to meaningful reform of the distribution of IMF quotas along with limiting European seats on the IMF executive board.

Keywords: International Monetary Fund; Group of Twenty G20; China; Korea; Asia; special drawing rights; economic growth; exchange rates (search for similar items in EconPapers)
JEL-codes: F02 F32 F33 F42 F53 (search for similar items in EconPapers)
Date: 2010-09
New Economics Papers: this item is included in nep-sea
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Citations: View citations in EconPapers (7)

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