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From a Centralized to a Decentralized Global Economic Architecture : An Overview

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  • Pradumna B. Rana

    (Asian Development Bank Institute (ADBI))

Abstract

This paper argues that calls for a New Bretton Woods system in the aftermath of the global economic crisis—similar to the remarkable 1944 Bretton Woods conference that led to the establishment of various international economic institutions—are unlikely to be answered. The likely scenario is that the centralized architecture from before the global economic crisis will evolve toward a more decentralized and multilayered global architecture where regional institutions are linked together to a “senior†global organization in a complementary manner by rules and regulations. The paper also highlights the new regional institutions that Asia needs to establish to contribute to this evolving global economic architecture.

Suggested Citation

  • Pradumna B. Rana, 2013. "From a Centralized to a Decentralized Global Economic Architecture : An Overview," Governance Working Papers 23386, East Asian Bureau of Economic Research.
  • Handle: RePEc:eab:govern:23386
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    File URL: http://www.eaber.org/node/23386
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    Keywords

    Global Economic Crisis; regional institutions; Asia; G20; G7; G8; Global economic architecture;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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