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Window of Opportunity Opens: Asian and American Views of the International Economic Architecture
Author(s) -
DOBSON Wendy
Publication year - 2009
Publication title -
asian economic policy review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.58
H-Index - 20
eISSN - 1748-3131
pISSN - 1832-8105
DOI - 10.1111/j.1748-3131.2009.01133.x
Subject(s) - mandate , legitimacy , architecture , government (linguistics) , economics , financial crisis , independence (probability theory) , window of opportunity , finance , work (physics) , business , public administration , political science , macroeconomics , law , engineering , philosophy , statistics , mathematics , politics , visual arts , aerospace engineering , mechanical engineering , art , linguistics
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.