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

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  • Wendy DOBSON

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.

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  • Wendy DOBSON, 2009. "Window of Opportunity Opens: Asian and American Views of the International Economic Architecture," Asian Economic Policy Review, Japan Center for Economic Research, vol. 4(2), pages 271-287, December.
    • Handle: RePEc:bla:asiapr:v:4:y:2009:i:2:p:271-287
    DOI: 10.1111/j.1748-3131.2009.01133.x
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    References listed on IDEAS

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    1. Mathias Dewatripont & Xavier Freixas & Richard Portes, 2009. "Macroeconomic Stability and Financial Regulation," Post-Print halshs-00754869, HAL.
    2. Edwin M. Truman, 2007. "Sovereign Wealth Funds: The Need for Greater Transparency and Accountability," Policy Briefs PB07-6, Peterson Institute for International Economics.
    3. Razeen SALLY, 2006. "Free Trade Agreements and the Prospects for Regional Integration in East Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 1(2), pages 306-321, December.
    4. Takatoshi ITO, 2007. "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 2(1), pages 16-49, June.
    5. Charles W. Calomiris, 2009. "Financial Innovation, Regulation, and Reform," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 65-91, Winter.
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    Cited by:

    1. Takatoshi ITO & Akira KOJIMA & Colin MCKENZIE & Marcus NOLAND & Shujiro URATA, 2009. "The United States and East Asia: Editors' Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 4(2), pages 163-180, December.
    2. Jong‐Wha LEE, 2009. "Comment on “Window of Opportunity Opens: Asian and American Views of the International Economic Architecture”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 4(2), pages 288-289, December.
    3. Peter DRYSDALE, 2009. "Comment on “Window of Opportunity Opens: Asian and American Views of the International Economic Architecture”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 4(2), pages 290-291, December.

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