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Edited by Kern Alexander and Rahul Dhumale
Chapter 16: Governance in International Financial Institutions: The Case of the IMF
16 Governance in international financial institutions: the case of the IMF1 Xenia Roduner Editors’ abstract: Xenia Roduner addresses the concept of governance as it relates to the International Monetary Fund. She shows how governance theories can be applied to a range of institutional arrangements ranging from formal international organizations to transgovernmental networks and less formal international standard setting bodies. She examines the concept of fairness as it relates to decision-making in the International Monetary Fund and in particular analyses the voting power of members and representation on the Executive Board. In doing so, she considers constitutionalist theory to analyse fairness in IMF decision-making and also argues that human rights principles are relevant for assessing the fairness, accountability and efficiency of IMF and World Bank decision-making. INTRODUCTION The concept of ‘governance’ became frequent in the sphere of international relations in the late 1980s, and was often used as a substitute for ‘regime’ or ‘global order’.2 In the 1990s the term ‘globalization’ evoked worldwide interest. In academia, ideas of global governance, ranging from ‘governance without government’ to concepts of global constitutions, became a heavily discussed topic. Governance was defined as a set of regulation mechanisms in a sphere of activity, which function effectively even though they are not endowed with formal authority.3 At the global level the notion of governance was used to describe the intergovernmental relationship, involving non-governmental organizations, citizens’ movements, multinational corporations, and the global capital market.4 Governance itself is not a global order; it is a process of participation,...
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