Feasible paths towards greater developing country participation in governance of the financial system (May 2008)

Rethinking Bretton Woods | Mon, Jun 16, 2008

By Aldo Caliari

Please find below link to RBW’s paper “Governance of the international financial system: Looking for the feasible paths towards greater developing country participation.”  

The paper was commissioned for the Experts meeting on Governance of International Financial System, Rio de Janeiro (Brazil), May 8-9 2008, cosponsored by IBASE and the Ford Foundation. 

 In spite of the impacts that the global financial crisis is having on developing countries that did not have any part in the events that led to it, most of them are still excluded from the ongoing discussion on responses. These discussions are held in fora with either limited or non-existent participation by developing countries, such as the Group of 20, the Financial Stability Forum, etc.  The paper makes recommendations that, as stated by the author, will not necessarily increase the representation of developing countries in the existing standard-setting bodies—though it is expected that by showing the potential impact of developing country concerns they will help build eventually a stronger case to do so. They will, however, increase qualitatively and quantitatively the influence of developing countries and inclusion of their concerns in decision-making and governance of the financial flows.  

The paper was also submitted to the Meeting of the Financial Markets Reform Task Force of the Initiative for Policy Dialogue, held in July 2008, Manchester (UK).

Click here for the paper.