At the request of the Managing Director of the IMF, a group of experts, chaired by Professor Richard Cooper of Harvard University prepared a report on the adequacy of quota formulas, including proposals for changes. The paper reviews the recommendations of the Quota Formula Review Group and...

Introducción. En vista de la persistencia de la crisis de la deuda, del carácter aparentemente insostenible de los programas de prolongado ajuste recesivo en los países deudores, y del costo económico y político innecesariamente elevado de estos programas, la comunidad internacional ha...

Conditionality is the most controversial aspect of the IMF`s policies. It has been said to be intrusive and coercive and considered to disregard effects on growth, employment and income distribution. In the 1990s, following a sharp increase in the number of conditions required by programs, Fund...

IMF conditionality was introduced in the 1950s as a means to restore members´ balance-of-payments viability, to ensure that Fund resources would not be wasted and to ensure that the institution would be able to recover the loans it extended to member countries. For several decades, until the...

What is the impact of political decentralisation in Latin America? This book considers the problems raised by political decentralisation in the region and identifies the challenges ahead. Political decentralisation tends to devolve a certain amount of financial responsibility to the sub-national...

The frequency of financial crises over recent decades makes an in-depth study of the phenomenon imperative. This should involve particular attention to those points the different crises have in common, so as to draw lessons that can be used by financial authorities, regulators and the actual...