Global Financial Governance and Development Finance in the Wake of the 2008 Financial Crisis

This study examines three related questions. How has the global financial crisis of 2008 affected the influence that developing countries have within the International Monetary Fund (IMF)? What new policy space is available to developing countries? What alternative financial architectures will emerge as competitors or complements to the IMF? The study finds that IMF practice on capital controls has changed partly as a consequence of the crisis; that relatively autonomous developing countries are taking advantage of the policy space that has emerged; and that the global financial architecture is becoming more heterogeneous and multinodal. To date, however, developing countries have secured only modest commitments for increases in their formal influence at the IMF as a consequence of the crisis. Looking ahead, the crisis may create space for pressing an inclusive, participatory, feminist agenda in this domain.