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Cover Policy Papers
IMF Policy Paper: Quota and Voice Reform—Elements of a Possible Approach
International Monetary Fund

1. At the Executive Board discussion of quota and voice reform in July, which built upon two earlier informal seminars, Directors highlighted the need to make significant further progress in the coming months.2 This would enable the Executive Board to report concrete and substantial progress to the Board of Governors at the Annual Meetings. It was envisaged that the period leading up to the Annual Meetings would be used to begin to resolve the remaining areas of difference and focus on the main choices that need to be made. In that vein, staff and management were to consider how the views expressed and guidance provided by Directors so far could be built upon to identify more concretely the scope for specific proposals.

Keywords:
PP; IMF document; quota share; voting share; PPP GDP; share; shares of LIC; market rate GDP; PPP data; blend variable; Purchasing power parity; Emerging and frontier financial markets; Market exchange rates; Income; International banking; Global; Middle East; Western Hemisphere; Africa; Asia and Pacific
Cover Policy Papers
IMF Policy Paper: Quota and Voice Reform—Elements of a Possible Approach Statistical Appendix
International Monetary Fund

Calculated as the sum of variable weights multiplied by a country’s shares in the global total of the respective variables.

Keywords:
PP; IMF document; quota share; voting share; PPP GDP; share; data adjustment; GDP blend; shares of LIC; Purchasing power parity; Market exchange rates; International banking; Emerging and frontier financial markets; Gold; Global; Africa; Middle East; Western Hemisphere; Asia and Pacific
Cover IMF Working Papers
Regulatory Cycles: Revisiting the Political Economy of Financial Crises
Jihad Dagher
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Keywords:
WP; central bank; financial market; political economy; banking sector; Financial Regulation; Financial Crises; Boom-Bust Cycles; Glass-Steagall Act; financial bubble; ruling party; share price; joint stock; crony capitalism; plain vanilla; stock index; bubble company; joint-stock bank; incumbent governments policy; government sponsorship; Housing; Global financial crisis of 2008-2009; Banking crises; Global; South America