Monetary misquotations; IMF quotas.(Reform of IMF quotas)
Economist (US), The, August, 2006
A long-overdue shake-up at the IMF
THE IMF was founded during a moment of high statesmanship at Bretton Woods in New Hampshire. But when they divvied up the power in their new creation, its founders practised some low numerical arts. Each country's "quota" of votes was calculated according to an elaborate formula, which blended the economy's size, reserves, openness and volatility. But according to the man who invented it, this formula was a subtle contrivance, carefully designed to deliver a result pre-cooked by the Americans.
Singapore is a long way from New Hampshire. But as the fund prepares for its annual meeting in the Asian city-state next month, it is still trying to rid itself of the Bretton Woods formula and its many derivatives. This week,...
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