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International Monetary Fund

. Developments in External Flows 4. Openness and Variability Shares Relative to GDP Share 5a. Ratio of Openness to Market GDP 5b. Ratio of Openness Shares to GDP-Blend Shares 6. Shares of Major Groups in Each Quota Variable 7. Top 15 Countries – Ratio of Openness Share to GDP Blend Share and Variability Share to GDP Blend Share 8. Relationship between VAX Ratio and Ratio of Trade to GDP TABLES 1. Distribution of Quotas and Calculated Quotas 2. Distribution of Quotas and Updated Quota Variables 2.1. Updated GDP Blend Variable 3. Top 10 Positive and

International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Statistics Dept.

third approach that would involve a more limited use of GDP as a “soft anchor”, constraining formula-based realignments only when a member’s quota share would otherwise move beyond thresholds based on its GDP blend share . Specifically, the formula-based distribution would be the principal allocation tool, with a predominant role for the selective increase (proportional to CQS). The “soft anchor” would apply only in those cases where the formula-based allocation would otherwise widen a deviation relative to the GDP blend share beyond certain thresholds. A judgement

International Monetary Fund

defined as those whose PPP GDP share divided by post second round quota share is greater than 1 and who are not over-represented by more than 25 percent. Table A7. Illustrative Scenarios: Ad hoc Increase Allocated Based on Either the Formula or the GDP Blend; Alternative Protection Mechanisms for Poorest Members -- by Member 1/ Post Second Round Quota Share 2/ Calculated Quota Share GDP Blend Share 3/ Individual PRGT protection 4/ Group PRGT protection 5/ Individual PCDR protection 6/ 0/75/25 7/ 20/50/30 7/ 0/75/25 7/ 20

International Monetary Fund

should participate fully in the ad hoc increases if they meet the criteria of being under-represented using both the formula and the GDP blend. Relative to Simulation 1, three advanced countries (Australia, Greece, and Spain) would be eligible for larger increases under this approach. Simulation 9—Dual protection at the higher of calculated quota share or GDP blend share . It was suggested that, to be consistent with the approach of giving greater weight to the GDP blend in the ad hoc increases, protection for over-represented members should be provided at the higher

International Monetary Fund

ratio among the countries which have ratios greater than 1. Figure 4. Openness and Variability Shares Relative to GDP Share 1/ Source: Finance Department. 1/ The ratio of the openness share of the relevant group to its GDP blend share and the ratio of the variability share of the relevant group to its GDP blend share. 2/ Large EMDCs are those for which the GDP Blend share is greater than 1.0 percent. 3/ Other EMDCs excluding LICs. Figure 5a. Ratio of Openness to Market GDP Figure 5b. Ratio of Openness Shares to GDP-Blend Shares

International Monetary Fund

Share GDP Blend Share 3/ 50% 100% 150% 50% 100% 150% 50% 100% 150% Advanced economies 60.5 58.2 60.0 58.1 58.1 58.2 58.6 58.3 58.4 58.4 58.2 58.2 Major advanced economies 45.3 42.9 48.0 43.8 43.8 43.8 44.0 43.8 43.8 44.0 43.8 43.8 Of which: United States 17.7 17.0 21.6 17.7 17.7 17.7 17.7 17.7 17.7 17.7 17.7 17.7 Other advanced economies 15.1 15.3 11.9 14.3 14.3 14.4 14.6 14.5 14.6 14.4 14.3 14.4 Emerging Market

International Monetary Fund

Blend Share 3/ Dynamic EMDCs 4/ Either the Formula or the GDP Blend 5/ the GDP Blend 6/ Advanced economies 60.5 58.2 60.0 57.5 58.5 58.5 Major advanced economies 45.3 42.9 48.0 43.0 44.1 44.1 Of which: United States 17.7 17.0 21.6 17.0 17.7 17.7 Other advanced economies 15.1 15.3 11.9 14.4 14.4 14.4 Emerging Market and Developing Countries 39.5 41.8 40.0 42.5 41.5 41.5 Developing countries 32.4 34.1 33.2 35.0 34.2 34.3 Africa

International Monetary Fund

-eligible countries also include many with per capita income above the thresholds, reflecting the asymmetry of PRGT entry and graduation criteria ( Table 4 ). 11 A further increase in basic votes is not included, given that only a few Directors indicated at the last discussion that they were open to such an approach. Table 1. Illustrative Quota Simulations (In percent) Post Second Round Quota Share 3/ Calculated Quota Share GDP Blend Share 4/ 100 percent increase; 0/60/40 Allocation 1/ PRGT Protection 2/ PCDR Protection 2

International Monetary Fund
International Monetary Fund
The IMF staff has updated individual member country data for the variables used in the quota formula for the period 2001-13. The staff paper also presents updated calculated quota shares based on the current quota formula. The current quota formula includes a GDP variable, which is a blend of GDP at market rates and GDP at purchasing power parity (PPP), openness, variability, and international reserves. The International Monetary and Financial Committee has called for agreement on a new quota formula as part of the 15th General Review of Quotas. The paper presents a limited set of illustrative simulations of possible reforms of the quota formula using the updated quota data. These simulations are purely illustrative and do not represent proposals. The new data tables that can be downloaded via the below link include also the comparable value of each variable for the previous quota dataset, which was based on data covering the period 2000-2012. The information is presented in millions of SDRs (Table A1) and in percent of their respective global totals (Tables A2 and A3). A table showing calculated quota shares based on the current quota formula is also included (Table A4). Data sources and a description of the quota variables are discussed in Quota Formula – Data Update - Statistical Appendix; IMF Policy Paper; July 2015. Download Quota Data: Updated IMF Quota Formula Variables - July 2015