[DOWNLOAD] "International Financial Institutions and Financial Accountability." by Ethics & International Affairs " eBook PDF Kindle ePub Free

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eBook details

• Title: International Financial Institutions and Financial Accountability.
• Author : Ethics & International Affairs
• Release Date : January 01, 2004
• Genre: Politics & Current Events,Books,
• Pages : * pages
• Size : 293 KB

Description

Calls for the reform of International Financial Institutions (IFIs) have become both increasingly common and more emphatic. The former International Monetary Fund (IMF) executive director Ariel Buira, for example, concluded that important aspects of the governance system have become dysfunctional because the quota structure no longer adequately reflects changes in the global economy since 1944. He proposed that half of the votes should be given to developing countries to achieve a balance between the interests of all members. (1) Others, such as Ngaire Woods, have called for institutional reforms to make IFIs more accountable. (2) Such reforms are indeed necessary. They are also not infeasible, as the voting majority of regional developing country members at the Inter-American Development Bank (IDB)--which has definitely not performed worse than the International Bank for Reconstruction and Development (IBRD)--proves. (3) Yet while these useful proposals have been widely discussed, the lack of meaningful financial accountability of IFIs has received surprisingly little attention. The few papers that call for financial accountability have been unable to trigger a wide discussion. (4) Considering the substantial damage done by IFIs this is surprising both from an ethical and an economist's point of view. (5)

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