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The International Political Economic Implications of IMF Governance Reform: With A Focus on Quotas and Voting Power

The International Political Economic Implications of IMF Governance Reform: With A Focus on Quotas and Voting Power

The International Political Economic Implications of IMF Governance Reform: With A Focus on Quotas and Voting Power

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The International Political Economic Implications of IMF 
Governance Reform: With A Focus on Quotas and Voting Power 
January 10, 2010 
KANG Seon Jou 
Professor 
Dept. of Int’l Economy & Trade Studies 
As part of the outcomes 
from the three G-20 
Summit Meetings 
convened in 2008 and 
2009 with the purpose of 
providing solutions to the US-originated global financial crisis, a 
series of decisions regarding governance 
reform of the International Monetary 
Fund (IMF) has been reached. Those 
decisions reached during the G-20 
Summit Meetings, without exaggeration, 
provided a timely opportunity for the 
IMF to regain its status and importance 
in the global economy, compared to 
the last ten years during which it did 
not receive much attention from the 
economic circle.
In contrast to current expectations, 
however, the adjustment of member 
countries’ quotas and voting power may 
result in weakening the IMF’s ability to 
further prevent crises. That is, the IMF 
has established a new Flexible Credit 
Line (FCL) with a view to 
strengthening assistance for 
developing countries victimized by the 
US-originated financial crisis. The 
FCL, as designed to provide 
unconditional support to developing 
countries with sound macroeconomic 
fundamentals, implies that Western 
developed countries’ influence on 
developing countries through the 
channel of IMF conditionality will be 
weakened. Also, it should be noted that 
the weakened conditionality of IMF 
funds in conjunction with a stronger 
voice from emerging markets and 
developing countries within the IMF 
would lead to moral hazard.

Past Publications

오럴히스토리총서

국제통화기금(IMF)

G20

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제3차 G20 정상회의

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ENG