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Asia's Role in the Global Economic Architecture

Author

Listed:
  • Kawai, Masahiro

    (Asian Development Bank Institute)

  • Petri, Peter

    (Asian Development Bank Institute)

Abstract

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 organizations—such as the International Monetary Fund, World Bank, World Trade Organization, and the Financial Stability Board—and 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.

Suggested Citation

  • Kawai, Masahiro & Petri, Peter, 2010. "Asia's Role in the Global Economic Architecture," ADBI Working Papers 235, Asian Development Bank Institute.
  • Handle: RePEc:ris:adbiwp:0235
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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. 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.
    4. 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.
    5. 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, March.
    6. Richard N. Cooper & Edwin M. Truman, 2007. "The IMF Quota Formula: Linchpin of Fund Reform," Policy Briefs PB07-1, Peterson Institute for International Economics.
    7. 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.
    8. Kawai, Masahiro & Wignaraja, Ganeshan, 2011. "Asian FTAs: Trends, prospects and challenges," Journal of Asian Economics, Elsevier, vol. 22(1), pages 1-22, February.
    9. Fratianni, Michele & Pattison, John, 1982. "The Economics of International Organizations," Kyklos, Wiley Blackwell, vol. 35(2), pages 244-262.
    10. 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.
    11. 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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    Cited by:

    1. Wendy Dobson, 2011. "History Matters: China and Global Governance," Working Papers Series 20, Rotman Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, revised Jan 2011.
    2. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.
    3. Peter A. Petri, 2010. "Beyond the Golden Era: Asia Pacific Cooperation after the Global Financial Crisis," Working Papers 11, Brandeis University, Department of Economics and International Businesss School.

    More about this item

    Keywords

    saving investment balance; basic determinants export; american economy postcrisis;

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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