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Asia’s Role in the Global Economic Architecture

  • Masahiro Kawai

    (Asian Development Bank Institute)

  • Peter A. Petri

The global economic and financial landscape has been transformed over the past decade by the growing economic size and financial power of emerging economies. The new G20 summit process, which includes the largest emerging economies, has established high-level international policy cooperation in this new setting. This paper argues that effective global economic governance will also require changes in key global organizationssuch as the International Monetary Fund, World Bank, World Trade Organization, and the Financial Stability Boardand closer collaboration between global and regional organizations. We suggest that federalism be introduced on a global scale by creating hierarchies of global and regional organizations with overlapping ownership structures in various functional areas (as is already the case with the World Bank and regional development banks in the area of development finance). Asia could contribute to this transformation by building effective institutions to promote macroeconomic and financial stability and deepen regional trade and investment integration.

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Paper provided by East Asian Bureau of Economic Research in its series Governance Working Papers with number 22728.

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Date of creation: Jan 2010
Date of revision:
Handle: RePEc:eab:govern:22728
Contact details of provider: Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
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  1. Kawai, Masahiro & Wignaraja, Ganeshan, 2011. "Asian FTAs: Trends, prospects and challenges," Journal of Asian Economics, Elsevier, vol. 22(1), pages 1-22, February.
  2. Casella, Alessandra & Frey, Bruno, 1992. "Federalism and clubs : Towards an economic theory of overlapping political jurisdictions," European Economic Review, Elsevier, vol. 36(2-3), pages 639-646, April.
  3. Sandler, Todd & Tschirhart, John T, 1980. "The Economic Theory of Clubs: An Evaluative Survey," Journal of Economic Literature, American Economic Association, vol. 18(4), pages 1481-1521, December.
  4. Masahiro Kawai & Peter A. Petri & Elif Sisli Ciamarra, 2010. "Asia in Global Governance: A Case for Decentralized Institutions," Chapters, in: Asian Regionalism in the World Economy, chapter 13 Edward Elgar.
  5. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
  6. Robert Z. Lawrence, 2008. "International Organisations: The Challenge of Aligning Mission, Means and Legitimacy," The World Economy, Wiley Blackwell, vol. 31(11), pages 1455-1470, November.
  7. Richard N. Cooper & Edwin M. Truman, 2007. "The IMF Quota Formula: Linchpin of Fund Reform," Policy Briefs PB07-1, Peterson Institute for International Economics.
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