Good Governance in the IMF:
An Eclectic Theoretical Appraisal of Decision-Making Processes
Cecilia Juliana Flores Elizondo
ABSTRACT: In the aftermath of the 2008 financial crisis, the IMF implemented reforms in order to regain credibility as the leading international institution dealing with monetary and financial issues. As such, the 2010 Reform on Quotas and Governance was meant to reflect more adequately the role of emergent economies in the international economic system. The perception of legitimacy and of even-handedness in decision-making mechanisms is essential for the long-term sustainability of the International Monetary Fund. With this in mind, this article analyses the IMF decision-making processes from an eclectic theoretical perspective towards good governance based upon two theories: international distributive justice and reflexive law. The purpose of the eclectic theoretical perspective is to provide insights so that decision-making systems take into account the intricacies of the international economic system, as well as claims for legitimacy, transparency and accountability. The article sheds light on a reform of the IMF’s decision-making processes in order to balance representation and effectiveness, increase participation and communication, as well as promote self-reflection as a means of accountability.