Wednesday, August 30, 2006
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You try changing the distribution of power in the IMF!!
Steven Weisman has a story in today's New York Times on U.S. efforts to rejigger the governance of the International Monetary Fund:
In an effort to gain Chinese cooperation on international economic issues, the Bush administration is pushing for China and other developing nations to get more power in the global institution that has played a central role in easing myriad financial crises since the end of World War II.There are a lot of interesting theoretical and policy debates wrapped up in this story:
1) Is it possible to smoothly reconfigure the distribution of power in an international governmental oganization (IGO)? Recent efforts to do so in the U.N. Security Council have borne little fruit -- because the losers from such a change will use their institutional prerogatives to resist such changes.Developing.... posted by Dan on 08.30.06 at 08:50 AM
The whole quibble over IMF quotas is chump change compared to the big money picture of debtor (USA) and creditor (China). No one has a clue how the trade and capital flow imbalances will play out. The gray-boom bulge in US deficits, coupled with China's credit growth bubble, present some precarious dilemmas.posted by: jkoch on 08.30.06 at 08:50 AM [permalink]
I know it is not related, but dan, you may want to post about this (considering you posted about his arrest):
Ramin Jahanbegloo, a leading Iranian intellectual arrested four months ago on spying charges has been freed, Iranian news agencies say.
I am writing from Singapore, the host of the next IMF and World Bank meeting in Sep. While the whole Singapore is beign spursed up for this event, with developing countries accumulating huge amount of International reserves, I am wondering the relevance of the brenton-woods institutions...do we really need these institutions?posted by: Aruna urs on 08.30.06 at 08:50 AM [permalink]
Re: EU and multiple versus single votes on IGOs, let's reverse the process: would the US be more powerful if it was represented on IGOs as a multiplicity of individual states? I'd suggest no.posted by: Simstim on 08.30.06 at 08:50 AM [permalink]
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