The Political Economy of IMF Surveillance

CIGI Working Paper No. 17

55 Pages Posted: 25 Feb 2007

Date Written: February 2007


This paper investigates the political economy foundations of international Monetary Fund (IMF) surveillance by developing a taxonomy that accounts for its differential impact across the membership and examine its rationale in light of how surveillance has historically affected members' economic policies. With powerful member countries now pressing for the IMF to strengthen surveillance, we identify the factors that would enable it to affect the policies of its member countries, exploring the impact that IMF's internal governance has on the effectiveness of both bilateral and multilateral surveillance and contrasting it with the experience of select international organizations.

Keywords: IMF, institutional reform, surveillance, economic policy, financial governance, Bretton Woods, international organization

Suggested Citation

Lombardi, Domenico and Woods, Ngaire, The Political Economy of IMF Surveillance (February 2007). Available at SSRN: or

Domenico Lombardi (Contact Author)

CIGI ( email )

67 Erb Street West
Waterloo, Ontario N2L 6C2


Ngaire Woods

University of Oxford ( email )

Mansfield Road
Oxford, Oxfordshire OX1 4AU
United Kingdom

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