AsiaÃ¢â‚¬â„¢s Role in the Global Economic Architecture
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.
|Date of creation:||Jan 2010|
|Date of revision:|
|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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"Asia in Global Governance: A Case for Decentralized Institutions,"
in: Asian Regionalism in the World Economy, chapter 13
Edward Elgar Publishing.
- Kawai, Masahiro & Petri, Peter & Sisli-Ciamarra, Elif, 2009. "Asia in Global Governance: A Case for Decentralized Institutions," ADBI Working Papers 157, Asian Development Bank Institute.
- 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.
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