A Window of Opportunity Opens: Asian and American Views of the International Economic Architecture
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.
|Date of creation:||Aug 2009|
|Date of revision:||Aug 2009|
|Publication status:||Published in Asian Economic Policy Review, 4 (2)|
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- N/A, 2008. "The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 203(1), pages 8-30, January.
- C. Fred Bergsten & Charles Freeman & Nicholas R. Lardy, 2008.
"China's Rise: Challenges and Opportunities,"
Peterson Institute Press: All Books,
Peterson Institute for International Economics, number 4174.
- Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
- 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.
- Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
- N/A, 2008. "The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 204(1), pages 9-14, April.
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