By Barry Carin, Angela Wood
Brings jointly prime specialists from around the globe to extra the controversy at the a number of dimesions of responsibility of IMF to its a number of sharholders and stakeholders. Having totally explored how the suggestion of responsibility might be pragmatically utilized it then exams numerous substitute appriaches and makes a few techniques.
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Option 6: Return the basic vote to original level of significance The weakness of Option 5 is that the relative influence of the larger developing countries - typically the emerging market economies - would decline despite the fact that they represent the largest users, in quantum of resources, of IMF resources. 3 per cent needed to restore the level set at the IMF's establishment; and to combine this with a selective allocation to some developing countries. 37 Option 7: Migrate to a PPP approach To address the strong preference among emerging market economies, transition economies and many low-income countries that a PPP-based method of computing GDP is a more appropriate approach than the current exchange rate-based approach, there could be a gradual migration from the current approach to the PPP method.
Kelkar et al. note that the basic problem of the quota formulas has been a classic assignment problem, namely a mismatch between the number of instruments and objectives. Currently, there is only one instrument, namely the quota that is aimed at achieving multiple policy objectives such as determination of members' contribution to the Fund, their access to Fund resources and their influence in the governance of the Fund through voting rights. Kelkar et al. suggest that the number of instruments should be not less than the number of policy objectives.
But while the example of Congress provides some useful lessons for legislators around the world who seek to increase their oversight role, one of the key conclusions to be drawn from observing Congress's experience with the IMF is that no other parliament is likely to produce the kind of oversight, positive and otherwise, held by Congress. Advocates of parliamentary oversight have expressed the hope that, if other legislatures would simply follow the example of Congress, Fund governance would become much more democratic.
Accountability Of The International Monetary Fund (Voices in Development Management) by Barry Carin, Angela Wood
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