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Asia in Global Governance: A Case for Decentralized Institutions

Author

Listed:
  • Kawai, Masahiro

    (Asian Development Bank Institute)

  • Petri, Peter

    (Asian Development Bank Institute)

  • Sisli-Ciamarra, Elif

    (Asian Development Bank Institute)

Abstract

The global economic crisis refocused attention on the governance of international economic institutions (IEIs). This study uses the analytical framework of club theory to highlight structural obstacles to reform in international macroeconomic management, development finance, trade, and financial stability. The authors argue that reforms currently being discussed—for example, in voting power in the International Monetary Fund and the World Bank—are important, but not sufficient to make IEIs adaptable to the demands of a rapidly changing world economy. The authors propose transforming IEIs by shifting more decisions from the global to sub-global level. Partially decentralized decision making already exists in some policy areas (for example in regional development banks) and could expand and improve the provision of international public goods.

Suggested Citation

  • Kawai, Masahiro & Petri, Peter & Sisli-Ciamarra, Elif, 2009. "Asia in Global Governance: A Case for Decentralized Institutions," ADBI Working Papers 157, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0157
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    References listed on IDEAS

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    1. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19, April.
    2. Joseph Joyce & Todd Sandler, 2008. "IMF retrospective and prospective: A public goods viewpoint," The Review of International Organizations, Springer, vol. 3(3), pages 221-238, September.
    3. Edwin M. Truman (ed.), 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 3870, April.
    4. Robert Z. Lawrence, 2008. "International Organisations: The Challenge of Aligning Mission, Means and Legitimacy," The World Economy, Wiley Blackwell, vol. 31(11), pages 1455-1470, November.
    5. Richard E. Baldwin, 2011. "Multilateralising Regionalism: Spaghetti Bowls as Building Blocks on the Path to Global Free Trade," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume I, chapter 2, Edward Elgar Publishing.
    6. Michele Fratianni & John Pattison, 2001. "International Organisations in a World of Regional Trade Agreements: Lessons from Club Theory," The World Economy, Wiley Blackwell, vol. 24(3), pages 333-358, March.
    7. Sandler, Todd & Tschirhart, John T, 1980. "The Economic Theory of Clubs: An Evaluative Survey," Journal of Economic Literature, American Economic Association, vol. 18(4), pages 1481-1521, December.
    8. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64(5), pages 416-416.
    9. Edwin M. Truman, 2008. "On What Terms Is the IMF Worth Funding?," Working Paper Series WP08-11, Peterson Institute for International Economics.
    10. Casella, Alessandra & Frey, Bruno, 1992. "Federalism and clubs : Towards an economic theory of overlapping political jurisdictions," European Economic Review, Elsevier, vol. 36(2-3), pages 639-646, April.
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    Citations

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    Cited by:

    1. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.
    2. Rachel McCulloch, 2010. "The International Trading System and Its Future," Working Papers 08, Brandeis University, Department of Economics and International Business School.
    3. Peter A. Petri, 2010. "Beyond the Golden Era: Asia Pacific Cooperation after the Global Financial Crisis," Working Papers 11, Brandeis University, Department of Economics and International Business School.
    4. Masahiro Kawai & Peter A. Petri, 2010. "Asia’s Role in the Global Financial Architecture," Working Papers id:2958, eSocialSciences.
    5. Rana, Pradumna B., 2013. "From a Centralized to a Decentralized Global Economic Architecture: An Overview," ADBI Working Papers 401, Asian Development Bank Institute.
    6. Pradumna B. Rana, 2014. "From a centralized to a decentralized global economic architecture: an overview," Chapters, in: Masahiro Kawai & Peter J. Morgan & Pradumna B. Rana (ed.), New Global Economic Architecture, chapter 2, pages 11-26, Edward Elgar Publishing.
    7. Woosik Moon, 2011. "Whither East Asian economic integration? Korea’s regionalization cum globalization strategy," Asia Europe Journal, Springer, vol. 9(1), pages 29-42, November.
    8. Mario Lamberte & Peter J. Morgan, 2012. "Regional and Global Monetary Cooperation," Finance Working Papers 23190, East Asian Bureau of Economic Research.
    9. Masahiro Kawai & Peter A. Petri, 2010. "Asia’s Role in the Global Economic Architecture," Governance Working Papers 22728, East Asian Bureau of Economic Research.

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    More about this item

    Keywords

    global governance decentralized institutions; decentralizing international economic institutions; international institution reform;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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