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Asia’s Role in the Global Economic Architecture

Author

Listed:
  • Masahiro Kawai

    (Asian Development Bank Institute)

  • Peter A. Petri

Abstract

The global economic and financial landscape has been transformed over the past decade by the growing economic size and financial power of emerging economies. The new G20 summit process, which includes the largest emerging economies, has established high-level international policy cooperation in this new setting. This paper argues that effective global economic governance will also require changes in key global organizationssuch as the International Monetary Fund, World Bank, World Trade Organization, and the Financial Stability Boardand closer collaboration between global and regional organizations. We suggest that federalism be introduced on a global scale by creating hierarchies of global and regional organizations with overlapping ownership structures in various functional areas (as is already the case with the World Bank and regional development banks in the area of development finance). Asia could contribute to this transformation by building effective institutions to promote macroeconomic and financial stability and deepen regional trade and investment integration.

Suggested Citation

  • Masahiro Kawai & Peter A. Petri, 2010. "Asia’s Role in the Global Economic Architecture," Governance Working Papers 22728, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:govern:22728
    as

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    File URL: http://www.eaber.org/node/22728
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    References listed on IDEAS

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    More about this item

    Keywords

    financial landscape; G20 summit process; global economic governance; Asia; Financial Stability;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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