The Governance Structures of the Bretton Woods Financial Institutions

The Governance Structures of the Bretton Woods Financial Institutions
Author: Ahmed Naciri
Publisher: Springer
Total Pages: 200
Release: 2018-09-11
Genre: Business & Economics
ISBN: 331997906X

This book uses institutional data to examine and analyze the current governance structures of Multilateral Financial Institutions (MFIs) with the ultimate goal of reforming MFI governance models to be more responsive to the needs of developing countries. Founded in the post-World War II era, MFIs, collectively known as the Bretton Woods Financial Institutions (BWFIs), were created to promote global economic development and financial stability. This book argues, however, that the governance structures and policies of the MFIs have been biased in favour of developed country members, excluding less economically advanced countries from decision-making processes and perpetuating the economic status quo. Considering the inability of MFIs to adequately respond to the financial needs of developing countries, the book raises an alternative proposal for BWFI reform, based on the following criteria: (i) encouraging development incentives, (ii) favouring development learning through knowledge transfer and easing its appropriation by developing countries, and (iii) guiding and facilitating access to private international financial markets. Combining historical economic analysis with policy recommendations for the future, this book will be of particular interest to students and researchers of development economics, governance, and MFIs, as well as practitioners working with the institutions studied.

The Case for a New Bretton Woods

The Case for a New Bretton Woods
Author: Kevin P. Gallagher
Publisher: John Wiley & Sons
Total Pages: 140
Release: 2021-12-07
Genre: Political Science
ISBN: 1509546553

After the 2008–9 global financial crisis, reforms to promote stability, social inclusion, and sustainability were promised but not delivered. As a result, the global economic situation, marred by inequality, volatility, and climate breakdown, remains dysfunctional. Now, the economic fallout from the Covid-19 pandemic offers us a second chance. Kevin Gallagher and Richard Kozul-Wright argue that we must grasp it by implementing sweeping reforms to how we govern global money, finance, and trade. Without global leaders prepared to boldly rewrite the rules to promote a prosperous, just, and sustainable post-Covid world economic order – a Bretton Woods moment for the twenty-first century – we risk being engulfed by climate chaos and political dysfunction. This book provides a blueprint for change that no one interested in the future of our planet can afford to miss.

Bretton Woods Institutions & Neoliberalism

Bretton Woods Institutions & Neoliberalism
Author: Mark J Wolff
Publisher: Pacem in Terris Press
Total Pages: 154
Release: 2018-07-10
Genre:
ISBN: 9780999608852

In July 1944, delegates from forty-four allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire. The meeting resulted in the creation of the International Bank for Reconstruction and Development ("IBRD"), and the International Monetary Fund ("IMF"). This book demonstrates that current Bretton Woods Institutions' ("BWI") policies must be fundamentally redesigned, since many are archaic, and others are counter-productive to integral sustainable development in the current global economy. Further, the book argues that the dominant nations in the BWI have forced their political agendas on the rest of the world, while hiding behind the veil of these multilateral global financial institutions. The book concludes that the BWI, due to their lending policies and governing structures, have restrained authentic global development. It also proposes alternative strategies for authentic sustainable development through other multilateral global institutions. PROFESSOR MARK J. WOLFF is Professor of Law at Saint Thomas University School of Law in Miami, Florida. He also serves as Legal Counsel and Board Member, Malta Projects of Southeastern Florida, Inc., an affiliate of the American Association of the Sovereign Military Hospitaller Order of Saint John of Jerusalem of Rhodes and of Malta. In addition, he is General Counsel and member of the Board of Directors of Pax Romana-USA, and of the Board of Directors of the Human Rights Institute at St. Thomas University, as well as a Faculty Advisor for the Center for Ethics at St. Thomas University. He formerly served as an International Vice President of Pax Romana / International Catholic Movement for Intellectual and Cultural Affairs, and as Main Representative of Pax Romana at United Nations Headquarters in New York City. He also founded and is Director of the St. Thomas University School of Law's United Nations Externship Program, at United Nations Headquarter in New York City. Currently, he as an Adviser to the Permanent Mission of the Order of Malta to the United Nations Headquarters in New York. In the past, he has served as a member and head of delegations on behalf of the Sovereign Military Hospitaller Order of Saint John of Jerusalem of Rhodes and of Malta at United Nations World Conferences and International Consultative Conferences, and he has addressed the plenary sessions of these Conferences and the General Assembly of the United Nations.

Reforming the Governance of the IMF and the World Bank

Reforming the Governance of the IMF and the World Bank
Author: Ariel Buira
Publisher: Anthem Press
Total Pages: 324
Release: 2005-11-01
Genre: Business & Economics
ISBN: 0857288180

The papers included in this book cover different aspects of the governance of the Bretton Woods institutions. They explore different options for reform and show that enhancing the participation of developing and emerging market countries in resolving the major monetary and financial problems confronting the world economy, would improve global economic performance and contribute to the elimination of world poverty.

2018 Review of Program Design and Conditionality

2018 Review of Program Design and Conditionality
Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
Total Pages: 172
Release: 2019-05-20
Genre: Business & Economics
ISBN: 1498315712

The 2018 Review of Program Design and Conditionality is the first comprehensive stocktaking of Fund lending operations since the global financial crisis. The review assesses program performance between September 2011 and end-2017. Programs during this period were defined by the protracted structural challenges faced by members and hampered by the persistently weak global environment.

Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions

Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions
Author: Elena Sciso
Publisher: Springer
Total Pages: 262
Release: 2017-07-04
Genre: Law
ISBN: 3319578553

This book investigates the strengths and weaknesses – in terms of transparency and compliance with the democratic principle – of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the “constitutionalization” of the Washington Consensus in the European Union, with the establishment of the so-called “Berlin-Brussels-Frankfurt Consensus.”

Global Governance of Financial Systems

Global Governance of Financial Systems
Author: Kern Alexander
Publisher: Oxford University Press
Total Pages: 329
Release: 2006
Genre: Business & Economics
ISBN: 0195166981

The book sets forth the economic rationale for international financial regulation and what role, if any, international regulation can play in effectively managing systemic risk while providing accountability to all affected nations. The book suggests that a particular type of global governance structure is necessary to have more efficient regulation of the international financial system.

American Empire and the Political Economy of Global Finance

American Empire and the Political Economy of Global Finance
Author: L. Panitch
Publisher: Springer
Total Pages: 342
Release: 2008-07-24
Genre: Political Science
ISBN: 0230227678

In a lively critique of how international and comparative political economy misjudge the relationship between global markets and states, this book demonstrates the central place of the American state in today's world of globalized finance. The contributors set aside traditional emphases on military intervention, looking instead to economics.

A Retrospective on the Bretton Woods System

A Retrospective on the Bretton Woods System
Author: Michael D. Bordo
Publisher: University of Chicago Press
Total Pages: 692
Release: 2007-12-01
Genre: Business & Economics
ISBN: 0226066908

At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971. The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.