 Asia’s Role in the Global Financial ArchitectureMasahiro Kawai (mkawai.tokyo@gmail.com) and Peter Petri (ppetri@brandeis.edu) Working Papers from eSocialSciences Abstract: The global economic and financial landscape has been transformed over the past decade by the growing economic size and financial power of emerging economies. The new G20 summit process, which includes the largest emerging economies, has established high-level international policy cooperation in this new setting. This paper argues that effective global economic governance will also require changes in key global organizations—such as the International Monetary Fund, World Bank, World Trade Organization, and the Financial Stability Board—and closer collaboration between global and regional organizations. We suggest that federalism be introduced on a global scale by creating hierarchies of global and regional organizations with overlapping ownership structures in various functional areas (as is already the case with the World Bank and regional development banks in the area of development finance). Asia could contribute to this transformation by building effective institutions to promote macroeconomic and financial stability and deepen regional trade and investment integration. [ADBI Working Paper 235] Keywords: global economic; financial landscape; international policy; cooperation; International Monetary Fund; World Bank; World Trade Organization; Financial Stability (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ess:wpaper:id:2958 Access Statistics for this paper More papers in Working Papers from eSocialSciences |
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