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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

Author

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  • Cho, Yoon Je

    (Graduate School of International Studies)

Abstract

The 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.

Suggested Citation

  • Cho, Yoon Je, 2011. "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," Working Papers on Regional Economic Integration 73, Asian Development Bank.
    • Handle: RePEc:ris:adbrei:0073
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    References listed on IDEAS

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    1. Truman, Edwin M., 1977. "The International Monetary System in Review," The Journal of Economic History, Cambridge University Press, vol. 37(2), pages 461-465, June.
    2. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
    3. Mrs. Isabelle Mateos y Lago & Rupa Duttagupta & Rishi Goyal, 2009. "The Debate on the International Monetary System," IMF Staff Position Notes 2009/026, International Monetary Fund.
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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. Sung-Hoon Park, 2012. "Quest for a stronger regional leadership and an upgraded global profile," Asia Europe Journal, Springer, vol. 9(2), pages 225-236, March.

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    More about this item

    Keywords

    Global Economic Governance Reform; Reform of International Monetary System; Reform of the International Monetary Fund; The role of Asia in global economic governance;
    All these keywords.

    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

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