A Comparative Study Of The Governance Structure Of Asian Infrastructure Investment Banks

After World War II,the establishment of The Bretton Woods System gave birth to the earliest international financial institutions: International Bank for Reconstruction and Development(IBRD)and International Monetary Fund(IMF).With seventy years of development,multiple international and regional financial institutions have emerged and international financial system needs revolution and adjustment.Most important international financial institutions have already prepared or conducted reform.The concept of “Governance Structure” originated from the study of “Corporate Governance” from a modern economics perspective.The concept of “Governance Structure of International Financial Institution”,or “International Financial Institution Governance”,appeared with the establishment and development of international financial institution.The definition of this concept has not been determined by any international law scholars.As the latest multilateral development bank,the Asian Infrastructure Investment Bank(AIIB)differs from previous international financial institutions.Compared to other international financial institutions,the governance structure of AIIB adopts some of their conventions but also creates its own innovation.The article will compare the AIIB governance with major international financial institution from five parts:The first part introduces the establishment,character,purpose and function of AIIB and “Asian Infrastructure Investment Bank Articles of Agreement”.The second part reviews the economic research of “Governance Structure” and gives the definition of the term “International Financial Institution Governance”,meanwhile explains the content of the term.The third part focuses on the study of the AIIB governance,which includes capital share,voting right and decision-making body.The fourth part compares the AIIB governance with major international financial institution from three aspects: capital share,voting right and decision-making body.The fifth part offers future advices to the AIIB governance.