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Reform of the International Financial Architecture: An Asian Perspective

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  • Masahiro Kawai

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Abstract

It has taken two crises—the Asian financial crisis of 1997-1998 and the global financial crisis of 2007-2009—for the international community to seriously focus on the reform of the international financial architecture for crisis prevention, management and resolution. Facing the global financial crisis, the international community has responded by making the G20 Summit the premier forum for international economic and financial cooperation, creating a potentially more powerful Financial Stability Board, and augmenting the financial resources of the IMF. [ADBI Working Paper 167]

Suggested Citation

  • Masahiro Kawai, 2010. "Reform of the International Financial Architecture: An Asian Perspective," Working Papers id:3066, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:3066 Note: Institutional Papers
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    References listed on IDEAS

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    1. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
    2. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3870.
    3. Haruhiko Kuroda & Masahiro Kawai, 2002. "Strengthening Regional Financial Cooperation in East Asia," Asia Pacific Economic Papers 332, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    4. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall.
    5. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: Special Reports, Peterson Institute for International Economics, number 3870, October.
    6. Eswar S. Prasad & Raghuram G. Rajan, 2008. "A Pragmatic Approach to Capital Account Liberalization," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 149-172, Summer.
    7. Graham Bird & Ramkishen Rajan, 2002. "The Evolving Asian Financial Architecture," Centre for International Economic Studies Working Papers 2002-03, University of Adelaide, Centre for International Economic Studies.
    8. anonymous, 1998. "How will the Asian financial crisis affect the Southeast?," Regional Update, Federal Reserve Bank of Atlanta, issue Jan, pages 1,3-4.
    9. Masahiro Kawai & Shinji Takagi, 2005. "Strategy for a Regional Exchange Rate Arrangement in East Asia: Analysis, Review and Proposal," Global Economic Review, Taylor & Francis Journals, vol. 34(1), pages 21-64.
    10. Morris Goldstein, 1998. "The Asian Financial Crisis," Policy Briefs PB98-1, Peterson Institute for International Economics.
    11. repec:fip:fedgsq:y:2005:i:mar10 is not listed on IDEAS
    12. Takatoshi ITO, 2007. "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 16-49.
    13. Griffith-Jones, Stephany & Ocampo, José Antonio, 2003. "What progress on international financial reform? why so limited?," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34941, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    14. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa68, October.
    15. Ben S. Bernanke, 2005. "The global saving glut and the U.S. current account deficit," Speech 77, Board of Governors of the Federal Reserve System (U.S.).
    16. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: Special Reports, Peterson Institute for International Economics, number sr19, October.
    17. Masahiro Kawai & Richard Newfarmer & Sergio L. Schmukler, 2005. "Financial Crises: Nine Lessons from East Asia," Eastern Economic Journal, Eastern Economic Association, vol. 31(2), pages 185-207, Spring.
    18. de Brouwer,Gordon, 2001. "Hedge Funds in Emerging Markets," Cambridge Books, Cambridge University Press, number 9780521802338, December.
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    Citations

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    Cited by:

    1. Ashima Goyal, 2012. "The Future Of Financial Liberalization In South Asia," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 19(1), pages 63-96, June.
    2. Hal Hill & Jayant Menon, 2014. "Financial safety nets in Asia: genesis, evolution, adequacy and way forward," Chapters,in: New Global Economic Architecture, chapter 5, pages 83-111 Edward Elgar Publishing.
    3. Udichibarna Bose & Ronald MacDonald & Serafeim Tsoukas, 2014. "Policy initiatives and firms access to external finance: Evidence from a panel of emerging Asian economies," Working Papers 2015_01, Business School - Economics, University of Glasgow.
    4. Truman, Edwin M., 2011. "Asian regional policy coordination," Proceedings, Federal Reserve Bank of San Francisco, pages 247-292.
    5. Bose, Udichibarna & MacDonald, Ronald & Tsoukas, Serafeim, 2015. "Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian economies," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2015-65, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Wu, Chiu-Hui & Ding, Cherng G. & Jane, Ten-Der & Lin, Hang-Rung & Wu, Cheng-Ying, 2015. "Lessons from the global financial crisis for the semiconductor industry," Technological Forecasting and Social Change, Elsevier, vol. 99(C), pages 47-53.
    7. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
    8. Harinder Kohli & Ashok Sharma & Anil Sood (ed.), 2011. "Asia 2050: Realizing the Asian Century," Books, Emerging Markets Forum, edition 1, number asia2050, July-Dece.

    More about this item

    Keywords

    Asian; financial; architecture; Financial Stability Board;

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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