We address the question of how international public goods are financed
by analyzing voting in the U.S. Congress on legislation to increase the
U.S. contribution to the International Monetary Fund (IMF). We argue that
legislators are more likely to vote in favor of an increase (1) the more
campaign contributions they obtain from banks that specialize in
international lending, and (2) the greater the share of high-skilled
“proglobalization” workers in their districts. The first
argument supports the inference that a financially strong IMF mitigates
the risks of international lending, to the benefit of the lending banks.
The second reflects our claim that voters view the IMF as a positive force
for global economic integration that—following Stolper-Samuelson
reasoning—benefits high-skilled workers. Lastly, we analyze IMF loan
decisions and find modest support for the claim that IMF policy reflects
the interests of major international banks. Overall, our results suggest
that private actors within the United States have individual stakes in
funding the IMF.We presented earlier
versions of this paper at the 8th Annual International Society for New
Institutional Economics Conference (ISNIE), Tucson, Ariz.,
September–October 2004, and at the Delegation to International
Organization Conference, Del Mar, Calif., September 2003. We thank
participants for comments. We also thank Michael Hiscox, Mathew McCubbins,
J. R. DeShazo, David Lake, Jeffry Frieden, James Vreeland, William R.
Clark, Erica Gould, Joseph Joyce, Devesh Kapur, Louis Pauly, Shanker
Satyanath, Beth Simmons, and Michael Tierney for suggestions; and Mark
Farrales and Molly James for excellent research assistance.