Publication

This paper assesses the results of G20 led reforms of the governance of the IMF and the World Bank in the wake of the global financial crisis of 2008. The stated purpose of these reforms was to better reflect the increasing economic weight of developing countries in the IMF and the World Bank by using shares of world GDP as the primary criterion for allocating voting shares. However, the authors argue that these reforms have failed to meet this objective, and then propose a system that they believe would achieve a more equitable level of governance in these important multilateral organizations.