Synopses & Reviews
Established in the aftermath of the Asian financial crisis, the G-20 has served as a high-level platform for discusssing economic analyses and policy responses since 1999. During the current global financial crisis, the G-20's role has moved toward that of global crisis committee. Still, it is unclear how --indeed, if --the G-20 can achieve and maintain a satisfactory degree of coordination among members as they emerge from the current crisis.
In this concise volume, eminent international economists examine the changing role of the G-20 and the increased influence of Asian nations in that and relevant multilateral organizations such as the International Monetary Fund. Kemal Dervis investigates whether the G-20 will achieve a satisfactory degree of coordination among systemically important countries and what lessons can be drawn in this regard from the crisis. Masahiro Kawai assesses financial regulatory reforms proposed at recent G-20 summits with an emphasis on their feasibility in key Asian financial systems. Domenico Lombardi analyzes the debate on IMF reform through the lenses of Asian countries. A concludingchapter discusses the potential for greater policy coordination among the United States and Asian giants India, China, and Japan, as well as the likely ramifications of such stepped-up cooperation and the benefits anticipated by each party.
Contents:
Foreword (Haruhiko Kuroda)
1. Introduction
2. Global Macroeconomic Policies beyond the Crisis: The G-20 and the Role of Asian Countries
3. Domestic Financial Regulatory Reforms: The G-20 Recommendations through Asian Lenses
4. The IMF: Resources, Roles, and Reforms from an Asian Perspective
5. The Asian Giants and the United States: What Are the Benefits for Policy Coordination?
Synopsis
"A Brookings Institution Press and Asian Development Bank publication
In this collaboration between the Brookings Institution and the Asian Development Bank Institute, eminent international economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of multilateral organizations such as the International Monetary Fund.
Established in the aftermath of the Asian financial crisis at the ministerial level, the G-20 has served as a high-level platform for discussing economic analyses and policy responses since 1999. During the current global financial crisis, however, the G-20's role moved toward that of a global crisis management committee at the leadership level. The challenge now for the G-20 is to succeed in fostering ongoing and increasing cooperation among its members while being supportive of, rather than trying to replace, more universal institutions.
After analyzing the dynamics of growth in Asia comparatively and historically, the volume appraises the scope for policy coordination among key economies. The contributors analyze financial stability in emerging Asia and then assess the implications of Asia's increasing role within the newly emerging system of global economic governance, focusing especially on reform of the international monetary structure.
Contributors: Dony Alex (ICRIER, New Delhi), Kemal Dervis, (Brookings), Hasan
Ersel (Sabanci University), Karim Foda (Brookings), Yiping Huang (Peking University), Masahiro Kawai (ADBI), Rajiv Kumar (FICCI, New Delhi), Domenico Lombardi(Oxford University and Brookings), Jos eacute; Antonio Ocampo (Columbia University), Jim O'Neill (Goldman Sachs)
"
Synopsis
In this collaboration between the Brookings Institution and the Asian Development Bank Institute, eminent international economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of multilateral organizations such as the International Monetary Fund.
Established in the aftermath of the Asian financial crisis at the ministerial level, the G-20 has served as a high-level platform for discussing economic analyses and policy responses since 1999. During the current global financial crisis, however, the G-20's role moved toward that of a global crisis management committee at the leadership level. The challenge now for the G-20 is to succeed in fostering ongoing and increasing cooperation among its members while being supportive of, rather than trying to replace, more universal institutions.
After analyzing the dynamics of growth in Asia comparatively and historically, the volume appraises the scope for policy coordination among key economies. The contributors analyze financial stability in emerging Asia and then assess the implications of Asia's increasing role within the newly emerging system of global economic governance, focusing especially on reform of the international monetary structure.
Contributors: Dony Alex (ICRIER, New Delhi), Kemal Dervis, (Brookings), Hasan Ersel (Sabanci University), Karim Foda (Brookings), Yiping Huang (Peking University), Masahiro Kawai (ADBI), Rajiv Kumar (FICCI, New Delhi), Domenico Lombardi (Oxford University and Brookings), Jos? Antonio Ocampo (Columbia University), Jim O'Neill (Goldman Sachs)