IDEAS home Printed from https://ideas.repec.org/p/ris/adbiwp/0401.html
   My bibliography  Save this paper

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

Author

Listed:
  • Pradumna B. Rana

    (Asian Development Bank Institute)

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," ADBI Working Papers 401, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0401
    as

    Download full text from publisher

    File URL: http://www.adbi.org/files/2013.01.15.wp401.decentralized.global.economic.architecture.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Masahiro Kawai & Peter A. Petri & Elif Sisli Ciamarra, 2010. "Asia in Global Governance: A Case for Decentralized Institutions," Chapters, in: Masahiro Kawai & Jong-Wha Lee & Peter A. Petri & Giovanni Capanelli (ed.), Asian Regionalism in the World Economy, chapter 13, Edward Elgar Publishing.
    2. 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.
    3. Barry Eichengreen, 2011. "Out-of-the-Box Thoughts about the International Financial Architecture," Chapters, in: Sylvester Eijffinger & Donato Masciandaro (ed.), Handbook of Central Banking, Financial Regulation and Supervision, chapter 13, Edward Elgar Publishing.
    4. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pradumna B. Rana, 2014. "From a centralized to a decentralized global economic architecture: an overview," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 2, pages 11-26, Edward Elgar Publishing.
    2. Lamberte, Mario & Morgan , Peter J., 2012. "Regional and Global Monetary Cooperation," ADBI Working Papers 346, Asian Development Bank Institute.
    3. Cheng, Gong, 2015. "The Global Financial Safety Net through the Prism of G20 Summits," MPRA Paper 68070, University Library of Munich, Germany, revised Nov 2015.
    4. Giancarlo Corsetti & Aitor Erce & Timothy Uy, 2017. "Official Sector Lending Strategies During the Euro Area Crisis," Discussion Papers 1720, Centre for Macroeconomics (CFM).
    5. Pontines, Victor, 2015. "How useful is an Asian Currency Unit (ACU) index for surveillance in East Asia?," Economic Systems, Elsevier, vol. 39(2), pages 269-287.
    6. Rolf H. Weber & Dominic N. Staiger, 2014. "Financial Stability Board: Mandate and Implementation of Its Systemic Risks Standards," IJFS, MDPI, vol. 2(1), pages 1-21, February.
    7. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries- an early assessment," Bruegel Blueprints, Bruegel, number 779.
    8. C. Randall Henning, 2017. "Avoiding Fragmentation of Global Financial Governance," Global Policy, London School of Economics and Political Science, vol. 8(1), pages 101-106, February.
    9. Hal Hill & Jayant Menon, 2014. "Financial safety nets in Asia: genesis, evolution, adequacy and way forward," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 5, pages 83-111, Edward Elgar Publishing.
    10. 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 Business School.
    11. Luca Alfieri, 2021. "Heterogeneity of financial institutions in the process of economic and monetary integration in East Asia," The World Economy, Wiley Blackwell, vol. 44(4), pages 1053-1076, April.
    12. Helleiner, Eric & Pagliari, Stefano, 2011. "The End of an Era in International Financial Regulation? A Postcrisis Research Agenda," International Organization, Cambridge University Press, vol. 65(1), pages 169-200, January.
    13. Marcus Giamattei & Johann Lambsdorff, 2015. "Balancing the current account: experimental evidence on underconsumption," Experimental Economics, Springer;Economic Science Association, vol. 18(4), pages 670-696, December.
    14. Edwin M. Truman, 2013. "Asian and European Financial Crises Compared," Working Paper Series WP13-9, Peterson Institute for International Economics.
    15. Marko Malovic, 2009. "International Financial Crisis, G-20 And Global Policy Response," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 5(10), pages 119-127.
    16. Ulrich Volz, 2013. "Lessons of the European crisis for regional monetary and financial integration in East Asia," Asia Europe Journal, Springer, vol. 11(4), pages 355-376, December.
    17. Adalbert Winkler, 2012. "The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Chapters, in: Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 7, Edward Elgar Publishing.
    18. Philip R. Lane, 2013. "Cross-Border Financial Integration in Asia and the Macro-Financial Policy Framework," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(2), pages 37-52, April.
    19. Masahiro Kawai & Peter A. Petri, 2010. "Asia’s Role in the Global Financial Architecture," Working Papers id:2958, eSocialSciences.
    20. Cheng, Gong & Lennkh, Rudolf Alvise, 2018. "RFAs' Financial Structures and Lending Capacities: a Statutory, Accounting and Credit Rating Perspective," MPRA Paper 95754, University Library of Munich, Germany.

    More about this item

    Keywords

    bretton woods; global economic crisis; international economic institutions; asia; regional instituti;
    All these keywords.

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:adbiwp:0401. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ADB Institute (email available below). General contact details of provider: https://edirc.repec.org/data/adbinjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.