A Window of Opportunity Opens: Asian and American Views of the International Economic Architecture
AbstractThis paper compares US and Asian views of the international economic architecture including Asia’s evolving regional institutions. Lessons from the global financial crisis are used to assess reforms of the financial institutions better to prevent and manage future crises. While G20 leaders have increased the resources of the International Monetary Fund much work remains to restore its legitimacy and independence and to define clearly the Financial Stability Board’s mandate to strengthen financial oversight and regulation. The paper critiques proposals for a global super-regulator and concludes that while the global architecture is important, the tests of its success will be fewer government actions to self-insure and the willingness to heed warnings of future problems and take timely corrective actions.
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Bibliographic InfoPaper provided by Rotman Institute for International Business, Joseph L. Rotman School of Management, University of Toronto in its series Working Papers Series with number 19.
Length: 27 Pages
Date of creation: Aug 2009
Date of revision: Aug 2009
Publication status: Published in Asian Economic Policy Review, 4 (2)
global financial crisis; international economic architecture; IMF reform; WTO; Asian regionalism; regulatory reform;
Other versions of this item:
- Wendy DOBSON, 2009. "Window of Opportunity Opens: Asian and American Views of the International Economic Architecture," Asian Economic Policy Review, Japan Center for Economic Research, vol. 4(2), pages 271-287.
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F55 - International Economics - - International Relations and International Political Economy - - - International Institutional Arrangements
- F59 - International Economics - - International Relations and International Political Economy - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-08-22 (All new papers)
- NEP-REG-2009-08-22 (Regulation)
- NEP-SEA-2009-08-22 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- C. Fred Bergsten & Charles Freeman & Nicholas R. Lardy, 2008.
"China's Rise: Challenges and Opportunities,"
Peterson Institute Press: All Books,
Peterson Institute for International Economics, number 4174.
- Razeen SALLY, 2006. "Free Trade Agreements and the Prospects for Regional Integration in East Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 1(2), pages 306-321.
- Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
- Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
- 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.
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