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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.
List of contents
Chapter 1: Conceptual Issues and Historical Development of the Bretton Woods Financial Institutions.- Chapter 2: Assessing How Well the Bretton Woods Financial Institutions Fulfill Their Mandate.- Chapter 3: Assessing How Well the Regional Development Banks Fulfill Their Mandate.- Chapter 4: The Paris Club.- Chapter 5: The Governance of the Bretton Woods Financial Institutions.- Chapter 6: Governance of Regional Development Banks.- Chapter 7: The 2010 Governance Reform of the Bretton Woods Financial Institutions.- Chapter 8: Critiques of Current Governance Systems and Suggested Governance Models for the Bretton Woods Financial Institutions and the Regional Development Banks.- Chapter 9: Suggested Alternative Governance Model for the Bretton Woods Financial Institutions and the Regional Development Banks.- Chapter 10: Concluding Remarks: A Lightened Cooperation.
