From centralised to decentralising global economic architecture : the Asian perspective / / Pradumna Bickram Rana, Xianbai Ji, editors

• Record Nr.: UNINA9910616385503321
• Pubbl/distr/stampa: Gateway East, Singapore : , : Palgrave Macmillan, , [2022]; ©2022
• ISBN: 981-19-2041-9
• Descrizione fisica: 1 online resource (239 pages)
• Disciplina: 337.5
• Soggetti: International economic relations; Asia Foreign economic relations
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Intro -- Foreword -- Preface -- Contents -- Notes on Contributors -- Abbreviations -- List of Figures -- List of Tables -- 1 Introduction and Overview -- Introduction -- Different Interpretations of Decentralisation -- Scope of the Study -- Theoretical Framework and Methodology -- Chapter Overviews -- The Role of Asia -- References -- 2 The Evolution of Global Oversight Institutions: From the Library Group to the Group of Twenty -- Introduction -- From the Library Group to the G20 -- Strengthening the Gx's "Whole-Process Legitimacy" -- Substantive Legitimacy -- Input Legitimacy -- Output Legitimacy -- Whole-Process Legitimacy -- Promoting Complementarity Within Gx and Between Gx and Other Global Bodies -- Conclusion -- References -- 3 International Monetary and Economic Development Architecture: Complementarity Between Global and Regional Institutions -- Introduction -- Theoretical Framework and Methodology -- Decentralising Global Financial Architecture -- Multi-Layered Global Financial Safety Net -- Ad Hoc Complementarity Between ASEAN+3 RFSN and the IMF -- Why ASEAN+3 RFSN Was Not Been Used During the COVID-19 Pandemic? -- From Ad Hoc to Structured ASEAN+3 RFSN and IMF Cooperation -- AMRO and IMF Cooperation -- Limits to Functional Complementarity and "Healthy" Competition Between ASEAN+3 RFSN and IMF -- Decentralising Economic Development Architecture -- China and Non-traditional ; MDBs -- Issues Confronting Non-traditional MDBs -- AIIB, NDB, and "Healthy" Competition with Traditional MDBs -- Potential for Functional Cooperation Between Traditional and Non-traditional MDBs -- AIIB, NDB, and Limits to Cooperation and "Healthy" Competition with Traditional MDBs -- Conclusions -- References -- 4 Promoting Development Bank Complementarity in Asia -- Introduction -- Overview of the Four MDBs -- European Investment Bank.; European Bank for Reconstruction and Development -- Asian Development Bank -- Asian Infrastructure Investment Bank -- Tri-Partite Coordination -- Sectoral Complementarities -- Geographical Division of Labour -- Project Co-Financing -- Concluding Remarks -- References -- 5 Reforming the Global Reserve System -- Introduction -- Problems of the Present Global Reserve System -- Reform Proposals -- Multi-Currency Reserve System -- Establish an SDR-Based GRS Under the IMF -- Strengthening the Decentralising/Multi-Layered Global Financial Safety Net -- Establish a New International Institution to Issue Global Currency -- Conclusion -- References -- 6 The Evolving International Monetary System: Will Dollar Hegemony Outlive the Digital Revolution? -- Introduction -- The Bretton Woods System: The Last Gold-Standard System -- A System Without Hard Anchor -- US Dollar Hegemony: Benefits, Costs, and Threats -- Benefits of Dollar Hegemony to the US -- Costs of Dollar Hegemony to the US and Peripheral Countries -- Global Imbalance and Deindustrialisation in the US -- Global Imbalances and Financial Crises in Peripheral Countries -- Weakening US-China Symbiotic Co-Existence -- Potential Factors that Could Undermine Dollar Hegemony -- Towards the Era of Digital Currencies -- Conclusions -- References -- 7 Managing the Decentralising International Trade Architecture -- Introduction -- From Centralised to Decentralising Trade Architecture -- Growing Popularity of "New Regionalism" in the 1990s -- Beginning of Mega-FTA Negotiations Post-Global Economic Crisis -- Global Responses to Trump's Protectionist Trade Agenda -- Benefits and Risks -- Benefits of Regionalism and Decentralisation -- Risks of Regionalism and Decentralisation -- Managing Trade Decentralisation -- Role of Asia -- Conclusion -- References.; 8 Strengthening the International Financial Regulation Architecture -- Introduction -- IFRA and Its Evolution -- Pre-Asian Financial Crisis IFRA -- Post-Asian Financial Crisis IFRA -- Post-GFC IFRA -- IFRA vs Other GEA Pillars -- IFRA in the Future -- Conclusion -- Appendix 8.1 -- References -- Index.