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Asia in Global Governance: A Case for Decentralized Institutions

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Author Info

  • Kawai, Masahiro

    (Asian Development Bank Institute)

  • Petri, Peter

    (Asian Development Bank Institute)

  • Sisli-Ciamarra, Elif

    (Asian Development Bank Institute)

Abstract

The global economic crisis refocused attention on the governance of international economic institutions (IEIs). This study uses the analytical framework of club theory to highlight structural obstacles to reform in international macroeconomic management, development finance, trade, and financial stability. The authors argue that reforms currently being discussed—for example, in voting power in the International Monetary Fund and the World Bank—are important, but not sufficient to make IEIs adaptable to the demands of a rapidly changing world economy. The authors propose transforming IEIs by shifting more decisions from the global to sub-global level. Partially decentralized decision making already exists in some policy areas (for example in regional development banks) and could expand and improve the provision of international public goods.

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File URL: http://www.adbi.org/working-paper/2009/10/20/3353.asia.global.governance/
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Bibliographic Info

Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 157.

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Length: 27 pages
Date of creation: 20 Oct 2009
Date of revision:
Handle: RePEc:ris:adbiwp:0157

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Related research

Keywords: global governance decentralized institutions; decentralizing international economic institutions; international institution reform;

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Cited by:
  1. Lamberte, Mario & Morgan , Peter J., 2012. "Regional and Global Monetary Cooperation," ADBI Working Papers 346, Asian Development Bank Institute.
  2. Peter A. Petri, 2010. "Beyond the Golden Era: Asia Pacific Cooperation after the Global Financial Crisis," Working Papers 11, Brandeis University, Department of Economics and International Businesss School.
  3. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.
  4. Rana, Pradumna B., 2013. "From a Centralized to a Decentralized Global Economic Architecture: An Overview," ADBI Working Papers 401, Asian Development Bank Institute.
  5. Rachel McCulloch, 2010. "The International Trading System and Its Future," Working Papers 08, Brandeis University, Department of Economics and International Businesss School.
  6. Masahiro Kawai & Peter A. Petri, 2010. "Asia’s Role in the Global Economic Architecture," Governance Working Papers 22728, East Asian Bureau of Economic Research.
  7. Masahiro Kawai & Peter A. Petri, 2010. "Asia’s Role in the Global Financial Architecture," Working Papers id:2958, eSocialSciences.
  8. Woosik Moon, 2011. "Whither East Asian economic integration? Korea’s regionalization cum globalization strategy," Asia Europe Journal, Springer, vol. 9(1), pages 29-42, November.

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