Reformers in need of reform? A critical assessment of global financial governance

Mon, 09/05/2011 - 20:00 EDT - Vox - EU

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Daniel D. Bradlow, 6 September 2011Many economists have called on the IMF to reform, particularly in light of the shifting centre of gravity in the global economy towards emerging markets. This column argues that global financial governance, which includes the role of the IMF, should be based on five principles: A holistic vision of development, comprehensive coverage, respect for applicable international law, coordinated specialisation, and good administrative practice.Full Article: Reformers in need of reform? A critical assessment of global financial governance

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Some thoughts on the IMF reform debate
Today, we're fortunate to have Mark Copelovitch, Assistant Professor of Political Science and Public Affairs at the University of Wisconsin, as a Guest Contributor. He is also author of The International Monetary Fund in the Global Economy: Banks, Bonds, and Bailouts (Cambridge University Press, 2010). In the wake of the global economic crisis, the IMF has returned to center stage in the governance of global finance.
Guest Post: The IMF On China's Over-Investment
Authored by Michael Pettis, originally posted at China Financial Markets,
Health-Care Reform Doesn't End in 2009. It Begins.
IMF Emerging Markets Veteran on the U.S.
One of the central themes of our Atlantic article was that the current crisis in the U.S. is very similar to the crises typically seen in emerging markets, and that resolving the crisis will require (some of) the measures often prescribed for emerging markets. This, Simon said, would be the assessment of IMF veterans who had worked on emerging markets crises.
Currency Wars: Bernanke Defends Fed Policy, Calls for Emerging Market Currency Appreciation
Fed chairman Ben Bernanke is at odds with Brazil, China, and even the IMF over his policies. Please consider the BBC report Bernanke defends Federal Reserve stimulus measures Brazil has said US monetary easing to keep interest rates low and weaken the dollar has hurt emerging economies. And International Monetary Fund chief Christine Lagarde warned on Sunday of consequent asset bubbles developing in emerging nations.
Plaza II is the wrong approach for global rebalancing
Yiping Huang, 29 September 2010How should policymakers deal with global imbalances? This column argues that a return to the Plaza Accord of the 1980s with an exclusive focus on the exchange rate could well dilute the G20’s other agendas and may not even work in practice. The best solution is instead to focus on structural reforms.Full Article: Plaza II is the wrong approach for global rebalancing
"Relentless reformers"
Gordon Brown claims that “Labour will be restless and relentless reformers.” This seems an oafish thing to say. Being a relentless reformer is like being a DIY enthusiast who always lives in a mess because he is forever in the middle of a job that he never actually finishes.The notion of relentless reform clashes with two principles.
Prospects For Financial Reform
By Simon Johnson
Time For Coordinated Capital Account Controls?
The IMF Should Move To Europe
The headline news from the G20 summit in Pittsburgh is that progress has been made on “IMF reform,” meaning increased voting power for emerging markets relative to rich countries – remember that West Europeans are greatly overrepresented at the IMF for historical reasons. But further change in a sensible direction is being blocked by the UK and France – because they have figured out that this logic implies they would lose their individual seats on the IMF’s executive board.

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Reformers in need of reform? A critical assessment of global financial governance

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