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The World Bank and the Asian Development Bank: should Asia have both?

In: New Global Economic Architecture

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  • Vikram Nehru

Abstract

The global financial crisis of 2007-2009 exposed flaws and shortcomings in the global economic architecture, and has sparked an international debate about possible remedies for them. The postwar global architecture was essentially guided by the major developed economies, and was centered around the IMF, the GATT – the predecessor of the WTO – and the World Bank. Today, however, the balance of economic and financial power is shifting toward the emerging economies, especially those in Asia, and both global governance and economic policy thinking are beginning to reflect this shift. This book addresses the important question of how a regional architecture, particularly one in Asia, can induce a supply of regional public goods that can complement and strengthen the global public goods supplied through the global architecture. These public goods include institutions to help maintain financial stability, support more open trading regimes and promote sustainable economic development.

Suggested Citation

  • Vikram Nehru, 2014. "The World Bank and the Asian Development Bank: should Asia have both?," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 9, pages 197-214, Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:15654_9
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    2. William Easterly & Tobias Pfutze, 2008. "Where Does the Money Go? Best and Worst Practices in Foreign Aid," Journal of Economic Perspectives, American Economic Association, vol. 22(2), pages 29-52, Spring.
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    7. Fengler, Wolfgang & Kharas, Homi, 2011. "Delivering Aid Differently: Lessons from the Field," World Bank - Economic Premise, The World Bank, issue 49, pages 1-8, January.
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    Cited by:

    1. Xianbai Ji, 2017. "Promoting regional development bank complementarity: challenges to Asia and lessons from Europe," Asia Europe Journal, Springer, vol. 15(3), pages 261-281, September.

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    Keywords

    Asian Studies; Economics and Finance;

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