What's Wrong with the IMF and How to Fix It

ISBN-13: 9781509509669 / Angielski / Twarda / 2017 / 256 str.

Momani, Bessma

Opis

The International Money Fund (IMF) stands at a crossroad. Derided as increasingly irrelevant in the first decade of the new millennium, the fall-out from the 2008 global financial crisis has restored its power and prestige. The resurgent IMF has shifted in policy position with potentially transformative outcomes for its member states and global governance. But will the IMF use its power in global governance to assert a more just and sustainable macroeconomic model and provide voice for poor and marginalized people around the globe? Or will enduring weaknesses within the organization result in a broad-based failure to address these issues? In this book, Bessma Momani and Mark Hibben dissect the variables and institutional dynamics at play in IMF governance, surveillance, lending, and capacity development to expose the fundamental barriers to change. They go on to identify four areas that instead could "fix" the IMF, including governance reform that strengthens low and middle income power in decision making, hiring a more diverse staff with expertise in areas of inclusive economics, the development of enforceable benchmarks tied to the theme of inclusive growth, and greater outreach and coordination with development institutions, such as the World Bank and the new Asian Infrastructure and Investment Bank. Ultimately, the authors show how these genuine and workable solutions can give the IMF the effectiveness and legitimacy it needs to positively shape 21st century global governance and push back against volatile and regressive forces in the international political economy.

The IMF stands at a crossroad. Derided as increasingly irrelevant in the first decade of the new millennium, the fall–out from the 2008 global financial crisis has restored its power and prestige. The resurgent IMF has shifted in policy position with potentially transformative outcomes for its member states and global governance.

Recenzje

"This book draws upon the authors′ broad experience to paint a portrait of an institution under challenge and highlights changes that could strengthen the IMF. It should be read by students, policy analysts and officials alike for its timely insights."
Thomas A. Bernes, Distinguished Fellow and former President, Centre for International Governance Innovation

"There are some problems no government can fix without cooperation. That′s why the IMF is needed. This useful book sets out some of the critiques of the IMF along with ideas about reforms which could help the institution do better."
Ngaire Woods, University of Oxford

Spis treści

TABLE OF CONTENTS

PREFACE
LIST OF ABBREVIATIONS
LIST OF FIGURES, TABLES, PLATES
ACKNOWLEDGEMENTS
DEDICATION
PART 1: DIAGNOSING THE ILLS
CHAPTER 1: WHAT IS WRONG WITH THE IMF?
CHAPTER 2: GOVERNANCE AND DECISION–MAKING
CHAPTER 3: SURVEILLANCE
CHAPTER 4: LENDING AND CONDITIONALITY
CHAPTER 5: CAPACITY DEVELOPMENT
PART 2: FINDING A CURE
CHAPTER 6 DEMOCRATIZE GOVERNANCE AND DECISION MAKING
CHAPTER 7 DIVERSIFY THE IMF STAFF
CHAPTER 8 COMMIT TO INCLUSIVE GROWTH
CHAPTER 9 ENHANCE MULTILATERAL PARTNERSHIPS
CHAPTER 10 CLOSING THE HYPOCRISY GAP
REFERENCES
INDEX

O autorze

Bessma Momani is a Senior Fellow at the Centre for International Governance Innovation (CIGI) and a Professor of Political Science at the Balsillie School of International Affairs and the University of Waterloo.

Mark Hibben is Assistant Professor of Political Science at Saint Joseph′s College of Maine.