From a Centralized to a Decentralized Global Economic Architecture: An Overview
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.
|Date of creation:||15 Jan 2013|
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- Kawai, Masahiro & Petri, Peter & Sisli-Ciamarra, Elif, 2009. "Asia in Global Governance: A Case for Decentralized Institutions," ADBI Working Papers 157, Asian Development Bank Institute.
- 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.
- Barry J. Eichengreen, 2009. "Out of the Box Thoughts about the International Financial Architecture," IMF Working Papers 09/116, International Monetary Fund.
- C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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