What do Asian Countries Want the Seat at the High Table for? G20 as a New Global Economic Governance Forum and the Role of Asia
AbstractThe recent global crisis has reminded everyone of the importance of reforming the international monetary and financial system. The current system is no longer adequate to meet the needs of a complex, integrated world economy. Various proposals, both on the demand and supply sides, have been put forward, and include building a stronger global financial safety net, diversifying the supply of international reserve currencies, and so on. However, these proposals face trade-offs between desirability and political feasibility. In this situation, a practical proposal entails strengthening policy coordination among the major economies and reforming the International Monetary Fund. Success on both fronts depends heavily on reform of global economic governance and the effectiveness of the G20. Asia‘s representation in the G20, and its increased status, give both privileges and responsibilities. To meet these responsibilities, Asians should invest greater efforts in developing their intellectual leadership in global economic issues.
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Bibliographic InfoPaper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 73.
Length: 40 pages
Date of creation: 01 Feb 2011
Date of revision:
Global Economic Governance Reform; Reform of International Monetary System; Reform of the International Monetary Fund; The role of Asia in global economic governance;
Find related papers by JEL classification:
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
- F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-26 (All new papers)
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