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Enhancing the effectiveness of CMIM and AMRO: challenges and tasks

In: New Global Economic Architecture

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  • Reza Siregar
  • Akkharaphol Chabchitrchaidol

Abstract

The global financial crisis of 2007-2009 exposed flaws and shortcomings in the global economic architecture, and has sparked an international debate about possible remedies for them. The postwar global architecture was essentially guided by the major developed economies, and was centered around the IMF, the GATT – the predecessor of the WTO – and the World Bank. Today, however, the balance of economic and financial power is shifting toward the emerging economies, especially those in Asia, and both global governance and economic policy thinking are beginning to reflect this shift. This book addresses the important question of how a regional architecture, particularly one in Asia, can induce a supply of regional public goods that can complement and strengthen the global public goods supplied through the global architecture. These public goods include institutions to help maintain financial stability, support more open trading regimes and promote sustainable economic development.

Suggested Citation

  • Reza Siregar & Akkharaphol Chabchitrchaidol, 2014. "Enhancing the effectiveness of CMIM and AMRO: challenges and tasks," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 4, pages 55-82, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:15654_4
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    1. Siregar, Reza Yamora & Lim & C.S. Vincent, 2010. "The Role of Central Banks in Sustaining Economic Recovery and in Achieving Financial Stability," Staff Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number sp74, April.
    2. Graham Bird, 2009. "Reforming IMF Conditionality," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(3), pages 81-104, July.
    3. Takagi, Shinji, 2010. "Regional Surveillance for East Asia: How Can It Be Designed to Complement Global Surveillance?," Working Papers on Regional Economic Integration 50, Asian Development Bank.
    4. Bank for International Settlements, 2006. "Asian bond markets: issues and prospects," BIS Papers, Bank for International Settlements, number 30.
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