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New Global Economic Architecture

The Asian Perspective Edited by Masahiro Kawai, Project Professor, Graduate School of Public Policy, the University of Tokyo, Peter J. Morgan, Senior Consulting Economist, Asian Development Bank Institute, Tokyo, Japan and Pradumna B. Rana, Associate Professor, S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore
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.
In Association with the Asian Development Bank
Extent: 288 pp
Hardback Price: $133.00 Web: $119.70
Publication Date: 2015
ISBN: 978 1 78347 219 2
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  • Asian Studies
  • Asian Economics
  • Economics and Finance
  • Asian Economics
  • Financial Economics and Regulation
The traumatic experiences of the first half of the twentieth century helped shape the postwar global architecture, which saw the creation of the IMF, the GATT, and the World Bank. Today, this economic architecture is ill-fitted to the global economy. The balance of financial power has moved towards the emerging economies, especially those in Asia, a shift which is not sufficiently reflected in the governance of these institutions.

New Global Economic Architecture addresses how a regional architecture, particularly in Asia, can induce a supply of regional public goods that strengthens the global public goods supplied through the global architecture, to promote sustainable economic development. The global network is moving towards a decentralized system with global, regional, and national institutions, and the book presents a comparison of the pace of reforms in various institutions and the identification of the reform agenda from an Asian perspective. It provides suggestions for strengthening regional institutions in Asia so they may better provide regional public goods. The evolution of institutions and policies that comprise the international monetary, financial, trade and development architecture is considered since their establishment after the Bretton Woods conference of 1944.

Policymakers, academics, think tanks and practitioners will benefit from the international perspective of the book, particularly those interested in the influential Asian architecture. This book is also a useful reference tool for students of macroeconomics, development economics, international trade, and finance at both undergraduate and graduate levels.

‘The spectacular rise in Asian economies has reshuffled the distribution of world economic power, while the Global Financial Crisis brought it to the fore. The global economic and financial architecture, inherited from World War II, has not responded to such changes. Focusing mainly on financial and partly on trade issues, this book provides a welcome perspective from seasoned Asia experts on the prospective benefits of a new, more decentralized and regionalized architecture. It will be a timely read, coinciding with the launching of the BRICS’ Development Bank.’
– Eric Girardin, Aix-Marseille School of Economics, France; former member of the Asian Development Bank Institute Advisory Council

‘This edited volume makes a distinctive contribution to the literature on financial crises.’
– Linda Low, Journal of Southeast Asian Economies
Contributors: A. Chabchitrchaidol, A.F. Cooper, H. Hill, M. Kawai, J. Menon, P.J. Morgan, V. Nehru, M.G. Plummer, F. Prada, P.B. Rana, R. Siregar, G. Wignaraja

Contents:

Preface

1. Asian Perspectives on the Evolving Global Architecture
Masahiro Kawai, Peter J. Morgan and Pradumna B. Rana

2. From a Centralized to a Decentralized Global Economic Architecture: An Overview
Pradumna B. Rana

3. The Group of Twenty: Input and Output Legitimacy, Reforms and Agenda
Andrew F. Cooper

4. Enhancing the Effectiveness of CMIM and AMRO: Challenges and Tasks
Reza Siregar and Akkharaphol Chabchitrchaidol

5. Financial Safety Nets in Asia: Genesis, Evolution, Adequacy and Way Forward
Hal Hill and Jayant Menon

6. Regional Financial Regulation in Asia
Masahiro Kawai and Peter J. Morgan

7. Evolving Trade Policy Architecture and FTAs in Asia
Masahiro Kawai and Ganeshan Wignaraja

8. The Emerging “Post-Doha” Agenda and the New Regionalism in the Asia-Pacific
Michael G. Plummer

9. The World Bank and the Asian Development Bank: Should Asia Have Both?
Vikram Nehru

10. World Bank, Inter-American Development Bank, and Subregional Development Banks in Latin America: Dynamics of a System of Multilateral Development Banks
Fernando Prada

Index