The Role and Status of Developing Countries in the IMF in the Aftermath of Global Financial Crisis of 2008
Subject Areas : PoliticsSohrab Shahabi 1 , Hassan Shahbeig 2
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Abstract :
The global financial crisis of 2008 has had many effects on different global issues, especially on international monetary management. These effects manifested themselves in applying some reforms in governance, borrowing system and monetary resources of the International Monetary Fund. Considering the importance of developing countries in this system, and because of the measures being taken to respond to the consequences of the crisis, this article is going to depict the place and role of such countries in the post-crisis IMF.Therefore, while explaining the crisis of 2008 by a descriptive-analytical method and its different global consequences, we study the post crisis developments in the IMF. Then, by analysing the envisioned reforms in the system by developing countries and illustrating different situations regarding the financial independence of the IMF, we examine the position of developing countries in global economic management system and their approaches toward international monetary management. The analysis of the post-crisis measures shows us that the reforms in IMF have not made substantial changes in the favour of developing countries and in the process mostly some emerging economies have gained a better position
