Reforming the IMF for the 21st Century

Special Report 19
edited by Edwin M. Truman
April 2006
Book Description

Based on a conference held in September 2005 on the future of the International Monetary Fund, this important new book includes an overview of the challenges facing the IMF today. In addition, the authors offer a wide range of views on four areas: the international monetary system and the IMF (with an emphasis on enforcing and reforming the rules), governance (including representation), financial resources (the need for additional resources and how they should be supplied), and financing (including the role of IMF financing and the need for new facilities).

Selected chapters and sections are provided for preview only.



1. Introduction and Summary [pdf]
Edwin M. Truman

2. Overview on IMF Reform
Edwin M. Truman

3. The IMF View on IMF Reform
Rodrigo de Rato

4. The IMF: Back to Basics
Timothy D. Adams

I   The IMF and the International Monetary System

5. Currency Manipulation and Enforcing the Rules of the International Monetary System
Morris Goldstein

6. Revamping the International Monetary System [pdf]
John Williamson

7. Regional Arrangements and the International Monetary Fund
C. Randall Henning

8. The IMF and the Capital Account
Rawi Abdelal

II   Governance of the IMF

9. Rearranging IMF Chairs and Shares: The Sine Qua Non of IMF Reform [pdf]
Edwin M. Truman

10. IMF Governance and the Political Economy of a Consolidated European Seat
Lorenzo Bini Smaghi

11. Internal Governance and IMF Performance
Miles Kahler

12. A Latin American View of IMF Governance
Martin Redrado

13. A New Steering Committee for the World Economy? [pdf]
C. Fred Bergsten

III   IMF Lending Facilities

14. The Case for a Lender-of-Last-Resort Role for the IMF
William R. Cline

15. The Case Against the IMF as a Lender of Final Resort
Gregor Irwin and Chris Salmon

16. A Stability and Social Investment Facility for High-Debt Countries
Kemal Dervis and Nancy Birdsall

17. The Case for an IMF Insurance Facility
Tito Cordella and Eduardo Levy Yeyati

18. A Shock-Smoothing Facility for the IMF
Kristin Forbes

19. The Policy Support Instrument: A Key Component of the Recent IMF Reform Movement
John B. Taylor

20. IMF Facilities for Poststabilization Low-Income Countries
Steven Radelet

21. Reflections on the Function and Facilities for IMF Lending [pdf]
Michael Mussa

IV   IMF Financial Resources

22. Does the IMF Need More Financial Resources?
Ariel Buira

23. How Should IMF Resources Be Expanded?
Desmond Lachman

24. Is the SDR a Monetary Dodo? This Bird May Still Fly
Karin Lissakers

V   Moving Forward

25. The IMF Adrift on a Sea of Liquidity
Barry Eichengreen

26. IMF Reform: Attaining the Critical Mass [pdf]
Mohamed A. El-Erian

27. The IMF in Perspective
Tommaso Padoa-Schioppa

28. IMF Reform: A Chinese View
Yu Yongding

29. An IMF Reform Package [pdf]
Edwin M. Truman

About the Contributors


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Book Data

April 2006
ISBN paper 0-88132-387-X | 978-0-88132-387-0
592 pp.

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