Overview
- Examines the evolution of the Global Economic Architecture from Bretton Woods era to the present
- Constructs comprehensive “genograms” of International Economic Institutions at global and regional level
- Includes policy recommendations for Asia across the four pillars of international economic governance
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About this book
This book focuses on the recent rise of new regional economic institutions such as the Chiang Mai Initiative Multilateralisation, the Asian Infrastructure Investment Bank, and the Regional Comprehensive Economic Partnership, which were established, in part, as a result of dissatisfaction of dynamic emerging markets with global economic institutions such as the IMF, the World Bank, and the GATT/WTO. The latter were formed by advanced economies in the West, after the historic Bretton Wood Conference of 1944.
In doing so, the book addresses how this recent round of decentralisation, defined as the co-existence of “senior” global institutions and a plethora of newly-established regional institutions, has affected global economic governance, and the delivery of global public goods. It also poses the question if this has led to the fragmentation of global economic governance.
The book adds value to existing literature by using a benefit-risk analytical framework to study the decentralisation process. Unlike the “contested multilateralism” argument used by some authors which focuses on the costs of decentralisation, the authors argue that benefits must also be considered. It also describes and analyses the establishment of global and regional international economic institutions and the evolving relationships between the two. Third, the authors argue that this decentralisation process will continue in the postpandemic period and recommend policies to reset the relationship between global and regional institutions. And lastly, the book discusses proposals to reform the international monetary system including the global reserve system with a view to reducing the hegemony of the US dollar.
Throughout the book, the role for Asia is also identified, and elaborated on.
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Keywords
- Global Economic Governance
- Decentralisation
- Fragmentation
- International Economic Institutions
- Institutional Complementarity
- Multilateralism
- International Financial Regulation Architecture
- Decentralising International Trade Architecture
- Regional Development Bank Complementarity
- Multilateral Development Banks
- Regional Financial Institutions
- Global Financial Institutions
- Bretton Woods
- Decentralising Global Economic Governance
Table of contents (8 chapters)
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Front Matter
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Back Matter
Editors and Affiliations
About the editors
Dr Pradumna B. Rana is a Senior Fellow at the Centre for Multilateralism Studies of the S. Rajaratnam School of International Studies, Nanyang Technological University, Singapore. He was previously the Senior Director of the Asian Development Bank’s Office of Regional Economic Integration which spearheaded the ADB’s support for Asian economic integration.
Dr **anbai Ji is Assistant Professor at the School of International Studies, Renmin University of China (RUC) where he is also a Distinguished Young Scholar.
Bibliographic Information
Book Title: From Centralised to Decentralising Global Economic Architecture
Book Subtitle: The Asian Perspective
Editors: Pradumna B. Rana, **anbai Ji
DOI: https://doi.org/10.1007/978-981-19-2041-7
Publisher: Palgrave Macmillan Singapore
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022
Hardcover ISBN: 978-981-19-2040-0Published: 02 October 2022
Softcover ISBN: 978-981-19-2043-1Published: 03 October 2023
eBook ISBN: 978-981-19-2041-7Published: 01 October 2022
Edition Number: 1
Number of Pages: XXV, 223
Number of Illustrations: 13 b/w illustrations, 6 illustrations in colour
Topics: International Economics, Regionalism, Macroeconomics/Monetary Economics//Financial Economics, Development Studies, International Organization, Globalization