IMPACT OF THE GLOBAL CRISIS ON THE GOVERNANCE STRUCTURES OF INTERNATIONAL FINANCIAL INSTITUTIONS

Authors

  • Gökhan Özkan

DOI:

https://doi.org/10.5195/emaj.2011.8

Abstract

The global financial crisis dragged many countries into recession, demonstrated that the international
financial system has structural problems and started discussions about restructuring of the international financial
institutions. The main objective of this paper is to investigate the impact of the global financial crisis on the
governance structures of the international financial institutions. To this end, studies made at different international
platforms were evaluated. The debates and negotiations among the developed and developing countries about
governance structures of the international financial institutions were analyzed. Developing countries’ demand to
reform the decision-making mechanisms of the Bretton Woods institutions, the IMF and the World Bank and
developed countries’ reservations were investigated. It was concluded that the new shape of the international
financial architecture and governance structures of international financial institutions will depend on international
politics as well as the evolution of the global crisis and the economic dynamics.

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Published

2011-11-18

Issue

Vol. 1 No. 2 (2011)

Section

Articles

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