This book uses institutional data to examine and analyze the current governance structures of
Multilateral Financial Institutions (MFIs) with the ultimate goal of reforming MFI governance
models to be more responsive to the needs of developing countries. Founded in the post-World
War II era MFIs collectively known as the Bretton Woods Financial Institutions (BWFIs) were
created to promote global economic development and financial stability. This book argues
however that the governance structures and policies of the MFIs have been biased in favour of
developed country members excluding less economically advanced countries from decision-making
processes and perpetuating the economic status quo. Considering the inability of MFIs to
adequately respond to the financial needs of developing countries the book raises an
alternative proposal for BWFI reform based on the following criteria: (i) encouraging
development incentives (ii) favouring development learning through knowledge transfer and
easing its appropriation by developing countries and (iii) guiding and facilitating access to
private international financial markets. Combining historical economic analysis with policy
recommendations for the future this book will be of particular interest to students and
researchers of development economics governance and MFIs as well as practitioners working
with the institutions studied.
