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What do Asian Countries Want the Seat at the High Table for? G20 as a New Global Economic Governance Forum and the Role of Asia

  • Cho, Yoon Je

    ()

    (Graduate School of International Studies)

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    The recent global crisis has reminded everyone of the importance of reforming the international monetary and financial system. The current system is no longer adequate to meet the needs of a complex, integrated world economy. Various proposals, both on the demand and supply sides, have been put forward, and include building a stronger global financial safety net, diversifying the supply of international reserve currencies, and so on. However, these proposals face trade-offs between desirability and political feasibility. In this situation, a practical proposal entails strengthening policy coordination among the major economies and reforming the International Monetary Fund. Success on both fronts depends heavily on reform of global economic governance and the effectiveness of the G20. Asia‘s representation in the G20, and its increased status, give both privileges and responsibilities. To meet these responsibilities, Asians should invest greater efforts in developing their intellectual leadership in global economic issues.

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    Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 73.

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    Length: 40 pages
    Date of creation: 01 Feb 2011
    Date of revision:
    Handle: RePEc:ris:adbrei:0073
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    1. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
    2. Truman, Edwin M., 1977. "The International Monetary System in Review," The Journal of Economic History, Cambridge University Press, vol. 37(02), pages 461-465, June.
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