Asia's Role in the Global Economic Architecture
AbstractThe 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 organizations—such as the International Monetary Fund, World Bank, World Trade Organization, and the Financial Stability Board—and 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.
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Bibliographic InfoPaper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 235.
Length: 20 pages
Date of creation: 05 Aug 2010
Date of revision:
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- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-08-14 (All new papers)
- NEP-IFN-2010-08-14 (International Finance)
- NEP-SEA-2010-08-14 (South East Asia)
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- Peter J. Morgan & Mario Lamberte, 2012.
"Strengthening Financial Infrastructure,"
Finance Working Papers
23191, East Asian Bureau of Economic Research.
- Wendy Dobson, 2011. "History Matters: China and Global Governance," Working Papers Series 20, Rotman Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, revised Jan 2011.
- 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.
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