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Asia in Global Governance: A Case for Decentralized Institutions

  • Kawai, Masahiro

    (Asian Development Bank Institute)

  • Petri, Peter

    (Asian Development Bank Institute)

  • Sisli-Ciamarra, Elif

    (Asian Development Bank Institute)

The global economic crisis refocused attention on the governance of international economic institutions (IEIs). This study uses the analytical framework of club theory to highlight structural obstacles to reform in international macroeconomic management, development finance, trade, and financial stability. The authors argue that reforms currently being discussed—for example, in voting power in the International Monetary Fund and the World Bank—are important, but not sufficient to make IEIs adaptable to the demands of a rapidly changing world economy. The authors propose transforming IEIs by shifting more decisions from the global to sub-global level. Partially decentralized decision making already exists in some policy areas (for example in regional development banks) and could expand and improve the provision of international public goods.

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Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 157.

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Length: 27 pages
Date of creation: 20 Oct 2009
Date of revision:
Handle: RePEc:ris:adbiwp:0157
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  1. Baldwin, Richard, 2006. "Multilateralising Regionalism: Spaghetti Bowls as Building Blocs on the Path to Global Free Trade," CEPR Discussion Papers 5775, C.E.P.R. Discussion Papers.
  2. 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.
  3. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: Special Reports, Peterson Institute for International Economics, number 3870, January.
  4. Edwin M. Truman, 2008. "On What Terms Is the IMF Worth Funding?," Working Paper Series WP08-11, Peterson Institute for International Economics.
  5. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3870, January.
  6. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19, January.
  7. Michele Fratianni & John Pattison, 2001. "International Organisations in a World of Regional Trade Agreements: Lessons from Club Theory," The World Economy, Wiley Blackwell, vol. 24(3), pages 333-358, 03.
  8. 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.
  9. 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.
  10. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416.
  11. Joseph Joyce & Todd Sandler, 2008. "IMF retrospective and prospective: A public goods viewpoint," The Review of International Organizations, Springer, vol. 3(3), pages 221-238, September.
  12. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: Special Reports, Peterson Institute for International Economics, number sr19, January.
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