Rethinking the Governance of the International Monetary Fund

Abbas Mirakhor, Iqbal Zaidi

Research output: Chapter in Book/Report/Conference proceedingChapter

3 Scopus citations


This chapter attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, it argues that 'justice is the first virtue of social institutions', and uses his theory of justice to provide a method for understanding what should be the case, in the context of voice and voting shares, before international institutions, such as the IMF, are to be justifiable to their members. The implementation of this process suggests, among other things, that a major revision of the quota formulas is long overdue, and leaving this unaddressed raises serious questions regarding the IMF's governance which could develop into a core mission risk and jeopardize the relevance of the institution.

Original languageEnglish (US)
Title of host publicationFinance, Development, and the IMF
PublisherOxford University Press
ISBN (Electronic)9780191716805
ISBN (Print)9780199239863
StatePublished - Jun 25 2009

All Science Journal Classification (ASJC) codes

  • General Economics, Econometrics and Finance


  • IMF governance
  • IMF reform
  • John Rawls
  • Quotas
  • Shares
  • Theory of justice
  • Voice reform


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