This 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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Publisher Info
Paper 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) Handle: RePEc:ttp:iibwps:19
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Find related papers by JEL classification: 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
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