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A new analysis of a priori voting power in the IMF : recent quota reforms give little cause for celebration
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Leech, Dennis and Leech, Robert (2012) A new analysis of a priori voting power in the IMF : recent quota reforms give little cause for celebration. Working Paper. Coventry: Economics Department, University of Warwick. Warwick economics research paper series (TWERPS), Volume 2012 (Number 1001). (Unpublished)
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Text (Working paper)
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
The weighted voting system used by the International Monetary Fund creates problems of democratic legitimacy since each member's influence or voting power is not
in general equal to its voting weight. Using voting power analysis to analyse both the Board of Governors and the Executive Board, we show that it tends to enhance the power of the United States at the expense of all other members. We investigate the constituency system as a form of representative democracy, idealizing it as a compound voting body, and find that it gives disproportionately large power to some smaller European countries, particularly Belgium and Netherlands. We also find that many countries are effectively disenfranchised. Separate analyses are done for 2006 and 2012, before and after recent reforms, which have been billed as being radical, enhancing the voice of the poor and emerging markets, but the effects are disappointingly small.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory J Political Science > JF Political institutions (General) |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | International Monetary Fund, Banks and banking, Central, International finance, Voting, Democracy, Equality | ||||
Series Name: | Warwick economics research paper series (TWERPS) | ||||
Publisher: | Economics Department, University of Warwick | ||||
Place of Publication: | Coventry | ||||
Official Date: | 2012 | ||||
Dates: |
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Volume: | Volume 2012 | ||||
Number: | Number 1001 | ||||
Number of Pages: | 36 | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
Access rights to Published version: | Open Access (Creative Commons) |
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