Since the Asian financial crisis of 1997-1998, the International Monetary Fund (the Fund) has been embroiled in an international crisis of legitimacy. Assertions of a crisis are premised on the notions that the Fund's voting system is unfair, that the Fund enforces homogeneous policies onto borrowing member states and that loan programmes tend to fail. Seen this way, poor institutional and policy design has led to a loss of legitimacy. But institutionalised inequalities or policy failure is not...[Show more]
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