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A Window of Opportunity Opens: Asian and American Views of the International Economic Architecture

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  • Wendy Dobson

    () (University of Toronto)

Abstract

This paper compares US and Asian views of the international economic architecture including Asia’s evolving regional institutions. Lessons from the global financial crisis are used to assess reforms of the financial institutions better to prevent and manage future crises. While G20 leaders have increased the resources of the International Monetary Fund much work remains to restore its legitimacy and independence and to define clearly the Financial Stability Board’s mandate to strengthen financial oversight and regulation. The paper critiques proposals for a global super-regulator and concludes that while the global architecture is important, the tests of its success will be fewer government actions to self-insure and the willingness to heed warnings of future problems and take timely corrective actions.

Suggested Citation

  • Wendy Dobson, 2009. "A Window of Opportunity Opens: Asian and American Views of the International Economic Architecture," Working Papers Series 19, Rotman Institute for International Business, Joseph L. Rotman School of Management, University of Toronto, revised Aug 2009.
  • Handle: RePEc:ttp:iibwps:19
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    File URL: http://www-2.rotman.utoronto.ca/userfiles/riib/file/Window%20of%20opportunity_WP19.pdf
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    References listed on IDEAS

    as
    1. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
    2. Razeen SALLY, 2006. "Free Trade Agreements and the Prospects for Regional Integration in East Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 1(2), pages 306-321.
    3. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
    4. C. Fred Bergsten & Charles Freeman & Nicholas R. Lardy, 2009. "China's Rise: Challenges and Opportunities," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4341.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Wendy Dobson, 2011. "History Matters: China and Global Governance," Working Papers id:4515, eSocialSciences.

    More about this item

    Keywords

    global financial crisis; international economic architecture; IMF reform; WTO; Asian regionalism; regulatory reform;

    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
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other

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