From a Centralized to a Decentralized Global Economic Architecture: An Overview

Pradumna B. Rana
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Pradumna B. Rana: Asian Development Bank Institute (ADBI)

Governance Working Papers from East Asian Bureau of Economic Research

Abstract: This paper argues that calls for a New Bretton Woods system in the aftermath of the global economic crisis—similar to the remarkable 1944 Bretton Woods conference that led to the establishment of various international economic institutions—are unlikely to be answered. The likely scenario is that the centralized architecture from before the global economic crisis will evolve toward a more decentralized and multilayered global architecture where regional institutions are linked together to a “senior†global organization in a complementary manner by rules and regulations. The paper also highlights the new regional institutions that Asia needs to establish to contribute to this evolving global economic architecture.

Keywords: Global Economic Crisis; regional institutions; Asia; G20; G7; G8; Global economic architecture (search for similar items in EconPapers)
JEL-codes: F02 F13 F33 F53 (search for similar items in EconPapers)
Date: 2013-01
New Economics Papers: this item is included in nep-sea
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