Yıl 2018, Cilt 3 , Sayı 1, Sayfalar 1 - 34 2018-03-30

The Effects of the IMF’s Quota and Governance Reforms on Turkey

Zeki Tuğrul GÖVER [1]

Turkey became a member of the IMF in 1947 and has resorted to IMF sources many times since then. Turkey signed 19 Stand-By Arrangements with the IMF when faced with liquidity problems. Several studies have already provided detailed information about the history and evolution of the relationship between the IMF and Turkey. However, we have not come across studies about the reform efforts carried out by the
IMF since 2006 and their effects on Turkey. The IMF reforms completed during the 2006-2016 period positively affected Turkey's voting power, the amount of potential financing it could use, and its representation at the Executive Board. Yet, the conditionality principle, which applies to all countries, remains valid for Turkey as well. Therefore, it would benefit Turkey to explore alternative ways in which it can obtain potential financing on more flexible terms than the IMF. The objectives of the study are to examine the reform efforts carried out by the IMF during the period 2006- 2016 and their impact on Turkey and, to discuss the possibility of obtaining funds from other components of the Global Financial Safety Net for Turkey

IMF, Global Financial Safety Net, conditionality
  • Aizenman, J., Jinjarak, Y., & Park, D. (2010). International Reserves and Swap Lines: Substitutes or Complements? NBER Working Papers, No: 15804. doi: 10.3386/w15804.
  • Arab Monetary Fund (AMF) (2017). Annual Report 2016, Abu Dhabi.
  • Arconian, O. A. (2013). Turkey’s Graduation from the IMF. Middle East Policy, 20, 122-136.
  • Arpac, O., & Bird, G. (2009). Turkey and the IMF: A Case Study in the Political Economy of Policy Implementation. The Review of International Organizations, 4(2), 135-157. doi: 10.1007/s11558-008-9051-4.
  • ASEAN +3 Macroeconomic Research Office (AMRO) (2017a). AMRO Annual Report 2016, Singapore.
  • __________________________________________ (2017b). ASEAN +3 Regional Economic Outlook 2017: ASEAN +3 Region, 20 Years after the Asian Financial Crisis, Singapore.
  • BRICS (2014). Treaty for the Establishment of a BRICS Contingent Reserve Arrangement. Retrieved from http://brics.itamaraty.gov.br/category-english/19-press-releases/220-treaty-for-the-establishment-of-a-brics-contingent-reserve-arrangement-fortaleza-july-15.
  • Cattaneo, N., Biziwick, M., & Fryer, D. (2015). The BRICS Contingent Reserve Arrangement and its Position in the Emerging Global Financial Architecture. South African Institute of International Affairs Policy Insights, No: 10.
  • Copelovitch, M. S. (2010). Master or Servant? Common Agency and the Political Economy of IMF Lending. International Studies Quarterly, 54, 49-77. doi: 10.1111/j.1468-2478.2009.00577.x.
  • Cortuk, O. (2006). Turkey-IMF Relationship and the Financial Transactions on Account Basis [Turkish]. Proficiency Dissertation submitted to the Central Bank of the Republic of Turkey. Retrieved from http://www.tcmb.gov.tr.
  • Demircan, E., & Ener, M. (2014). IMF’s Effect on the Stabilization Programs Implemented in Developing Countries and Turkey [Turkish]. Journal of Administrative Sciences. No: 1. Retrieved from http://dergipark.gov.tr/comuybd/issue/4121/54206.
  • Erdinc, Z. (2007). The Evolution of the IMF-Turkey Relations and the 19th Stand-By Arrangement [Turkish]. Dumlupinar University Journal of Social Sciences. No: 18. Retrieved from http://birimler.dpu.edu.tr/app/views/panel/ckfinder/userfiles/17/files/DERG_/18/99-116.pdf.
  • Federal Reserve (FED) (2008). Press Release. Release Date: 29.10.2008. Retrieved from https://www.federalreserve.gov/newsevents/press/monetary/20081029b.htm.
  • Fondo Latinoamericano de Reservas (FLAR) (2017a). Annual Report 2016, Bogota.
  • ____________________________________ (2017b). FLAR Presentation, Bogota.
  • He, A. (2016). China in the International Financial System: A Study of the NDB and the AIIB. Centre for International Governance Innovation Papers, No: 106.
  • Henning, C. R., (2002). East Asian Financial Cooperation. Policy Analyses in International Economics. No: 68. Peterson Institute for International Economics, Washington. Retrieved from https://piie.com/publications/chapters_preview/345/3iie3381.pdf.
  • Government of the Slovak Republic (2017). Retrieved from http://www.rokovania.sk/File.aspx/Index/Mater-Dokum-171500
  • International Monetary Fund (IMF) (2006a). Press Release: IMF Executive Board Recommends Quota and Related Governance Reforms. Press Release No. 06/189. Retrieved from http://www.imf.org/external/np/sec/pr/2006/pr06189.
  • ____________________________ (2006b). Press Release: IMF Board of Governors Approves Quota and Related Governance Reforms. Press Release No. 06/205. Retrieved from http://www.imf.org/en/news/articles/2015/09/14/01/49/pr06205.
  • _____________________________ (2007). IMF Annual Report 2007, Washington.
  • ____________________________ (2008a). IMF Annual Report 2008, Washington.
  • ____________________________ (2008b). Press Release: IMF Board Recommends Reforms to Overhaul Quota and Voice. Press Release No. 08/64. Retrieved from http://www.imf.org/external/np/sec/pr/2008/pr0864.
  • _____________________________ (2008c). Press Release: IMF Board of Governors Adopts Quota and Voice Reforms by Large Margin. Press Release No. 08/93. Retrieved from http://www.imf.org/en/news/articles/2015/09/14/01/49/pr0893.
  • ______________________________ (2009). IMF Annual Report 2009, Washington.
  • ______________________________ (2010a). Press Release: IMF Executive Board Approves Major Overhaul of Quotas and Governance. Press Release No. 10/418. Retrieved from http://www.imf.org/en/news/articles/2015/09/14/01/49/pr10418.
  • _____________________________ (2010b). Press Release: IMF Board of Governors Approves Major Quota and Governance Reforms. Press Release No. 10/477. Retrieved from http://www.imf.org/en/news/articles/2015/09/14/01/49/pr10477.
  • ______________________________ (2011). IMF Annual Report 2011, Washington.
  • _______________________________ (2012a). IMF Annual Report 2012, Washington.
  • _______________________________ (2012b). Press Release: IMF Executive Board Reviews Progress Toward Implementation of the 2010 Quota and Governance Reform. Press Release No. 12/309. Retrieved from http://www.imf.org/en/news/articles/2015/09/14/01/49/pr12309.
  • _______________________________ (2013). IMF Annual Report 2013, Washington.
  • _______________________________ (2015). International Financial Statistics CD-ROM, March 2015.
  • _______________________________ (2016a). Press Release: IMF Executive Board Approves New Two-Year US$11.5 Billion Flexible Credit Line Arrangement for Colombia. Press Release No. 16/279. Retrieved from https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr16279.
  • ______________________________ (2016b). IMF Annual Report 2016, Washington.
  • _______________________________ (2016c). Press Release: IMF Executive Board Reports to the Board of Governors on the Fifteenth General Review of Quotas. Press Release No. 16/489. Retrieved from http://www.imf.org/en/news/articles/2016/11/04/pr16489-imf-executive-board-reports-to-the-board-of-governors-on-the-fifteenth.
  • _______________________________ (2016d). Adequacy of the Global Financial Safety Net, Washington.
  • _______________________________ (2017a). IMF Factsheet: Special Drawing Right. Retrieved from http://www.imf.org/external/np/exr/facts/sdr.htm.
  • _______________________________ (2017b). IMF Factsheet: IMF Quotas. Retrieved from http://www.imf.org/external/np/exr/facts/quotas.htm.
  • Istemi, E. (1985). IMF: Its Creation, Evolution and the Relations with Turkey [Turkish] (unpublished Doctoral Dissertation). Gazi University.
  • Kawai, M. (2015). From the Chiang Mai Initiative to an Asian Monetary Fund. Asian Development Bank Institute Working Paper Series, No: 527. doi: 10.2139/ssrn.2620193.
  • Keeney, M. J. (2017). The Policy Framework of the International Monetary Fund: An Overview of Recent Developments. Quarterly Bulletin Articles No.01, Central Bank of Ireland, 92-102. Retrieved from http://EconPapers.repec.org/RePEc:cbi:qtbart:y:2017:m:01:p:92-102.
  • Lesage, D., Debaere, P., Dierckx, S. & Vermeiren, M. (2013). IMF Reform after the Crisis. International Politics, 1-26. doi:10.1057/ip.2013.17
  • Malkin, A., & Momani, B. (2011). Emerging Powers and IMF Reform: Where Multipolarity in the World Economy is Leading the Fund? St. Anthony’s International Review, 7(1), 61-78.
  • Mountford, A. (2009). Governance of the International Monetary Fund. In R. Lamdany & L. Martinez-Diaz (Eds), Studies of IMF Governance: A Compendium (pp. 15-42). Washington: IMF Publications.
  • Ocampo, J. A. (2015). FLAR and its Role in the Regional and International Financial Architecture. In G. Perry (Ed), Building Latin American Reserve Fund: 35 Years of FLAR (pp. 155-176). Bogota: Panamericana Formas e Impresos S.A.
  • Ocampo, J. A., & Titelman, D. (2012). Regional Monetary Cooperation in Latin America. Asian Development Bank Institute Working Paper Series, No: 373. doi: 10.2139/ssrn.2128437.
  • People’s Bank of China (PBOC) (2016). Annual Report 2015, Beijing.
  • Peretz, D. (2009). The Process for Selecting and Appointing the Managing Director and First Deputy Managing Director of the IMF. In R. Lamdany & L. Martinez-Diaz (Eds), Studies of IMF Governance: A Compendium (pp. 276-289). Washington: IMF Publications.
  • Skala, M., Thimann, C., & Wölfinger, R. (2007). The Search for Columbus’ Egg: Finding a New Formula to Determine Quotas at the IMF. European Central Bank, Occasional Paper Series No: 70.
  • Titelman, D., Vera, C., Carvallo, P., Perez Caldentey, E. (2013). A Regional Reserve Fund for Latin America. ECLAC, Financing for Development Series, No: 244. doi: http://dx.doi.org/10.18356/46646779-en.
Birincil Dil en
Konular İşletme
Bölüm Yayın İlkeleri

Yazar: Zeki Tuğrul GÖVER (Sorumlu Yazar)
Kurum: Undersecretariat of Treasury, Turkey
Ülke: Turkey


Başvuru Tarihi : 25 Aralık 2017
Kabul Tarihi : 26 Eylül 2018
Yayımlanma Tarihi : 30 Mart 2018

APA Göver, Z . (2018). The Effects of the IMF’s Quota and Governance Reforms on Turkey . Bulletin of Economic Theory and Analysis , 3 (1) , 1-34 . DOI: 10.25229/beta.370629