Efforts to realize the issue of development-focused Special Drawing Rights (SDR) by the International Monetary Fund (IMF) have been on-going for many years. Recently, however, the campaign first gained a new momentum immediately after the Asian financial crises with the new liquidity problems of...

The number of hungry in the world has crossed the one billion mark, a dubious milestone that has been attributed in large part to consecutive food and economic crises. Over ninety-eight percent of these individuals live in the developing world. Ironically, a great majority are involved in food...

There are countries that do not fall under the prevailing definitions of developed and developing country that are employed by the World Trade Organization (WTO). The WTO fails to take into account the special circumstances and needs of these countries. While such special circumstances and needs...

The serious economic impact deriving from the COVID-19 pandemic on already ailing low-income countries has prompted the search for support instruments among the international financial community. The official debt moratorium agreed by the G20 for these countries in the spring of 2020 has brought...

The United Nations Children's Fund (UNICEF) has long been controlled by the United States. I show that countries that are politically closely aligned with the United States receive more foreign aid from UNICEF. In addition, UNICEF provides more aid to U.S.-friendly governments in recipient...

Following an analysis of the forces behind the global capital flows paradoxʺ observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as low-cost...

As successors to structural adjustment programmes, Poverty Reduction Strategy Papers (PRSPs) were introduced in 1999 as preconditions for World Bank and International Monetary Fund (IMF) concessional financing and for debt relief. This paper considers the impact of the PRSP framework on the...

Following an analysis of the forces behind the quot;global capital flows paradoxquot; observed in the era of advancing financial globalization, this paper sets out to investigate the opportunity costs of self-insurance through precautionary reserve holdings. We reject the idea of reserves as...

Since their inception at the end of the Second World War, the sister organizations of the World Bank and the International Monetary Fund (IMF) have aimed to consistently speak with one voice vis-agrave;-vis their member governments. However, anecdotal evidence suggests that they often do not...

This paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, we argue that justice is the first virtue of social institutions, and we use his theory of justice...