A Window of Opportunity Opens: Asian and American Views of the International Economic Architecture

Asian Economic Policy Review, Vol. 4, No. 2, 2009

27 Pages Posted: 3 Aug 2009

See all articles by Wendy Dobson

Wendy Dobson

University of Toronto - Rotman School of Management

Date Written: 2009

Abstract

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.

Keywords: global financial crisis, international economic architecture, IMF reform, WTO, Asian regionalism, regulatory reform

JEL Classification: F02, F13, F33, F55, F59

Suggested Citation

Dobson, Wendy, A Window of Opportunity Opens: Asian and American Views of the International Economic Architecture (2009). Asian Economic Policy Review, Vol. 4, No. 2, 2009, Available at SSRN: https://ssrn.com/abstract=1441991

Wendy Dobson (Contact Author)

University of Toronto - Rotman School of Management ( email )

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HOME PAGE: http://www.rotman.utoronto.ca/dobson/

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