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

17 Pages Posted: 1 Dec 2009

See all articles by Wendy Dobson

Wendy Dobson

University of Toronto - Rotman School of Management

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 G-20 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.

Suggested Citation

Dobson, Wendy, Window of Opportunity Opens: Asian and American Views of the International Economic Architecture. Asian Economic Policy Review, Vol. 4, Issue 2, pp. 271-287, December 2009, Available at SSRN: https://ssrn.com/abstract=1513584 or http://dx.doi.org/10.1111/j.1748-3131.2009.01133.x

Wendy Dobson (Contact Author)

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