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

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  • Rana, Pradumna B.

    (Asian Development Bank Institute)

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    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.

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    File URL: http://www.adbi.org/files/2013.01.15.wp401.decentralized.global.economic.architecture.pdf
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    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 401.

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    Length: 17 pages
    Date of creation: 15 Jan 2013
    Date of revision:
    Handle: RePEc:ris:adbiwp:0401
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    Keywords: bretton woods; global economic crisis; international economic institutions; asia; regional institutions;

    Find related papers by 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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    1. Masahiro Kawai & Peter A. Petri & Elif Sisli Ciamarra, 2010. "Asia in Global Governance: A Case for Decentralized Institutions," Chapters, in: Asian Regionalism in the World Economy, chapter 13 Edward Elgar Publishing.
    2. Barry Eichengreen, 2011. "Out-of-the-Box Thoughts about the International Financial Architecture," Chapters, in: Handbook of Central Banking, Financial Regulation and Supervision, chapter 13 Edward Elgar Publishing.
    3. Rana, Pradumna Bickram & Chia, Wai-Mun & Jinjarak, Yothin, 2012. "Monetary integration in ASEAN+3: A perception survey of opinion leaders," Journal of Asian Economics, Elsevier, vol. 23(1), pages 1-12.
    4. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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