From Centralised to Decentralising Global Economic Architecture: The Asian Perspective

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Pradumna B. Rana Xianbai Ji

From Centralised to Decentralising Global Economic Architecture

The Asian Perspective

Pradumna B. Rana, Xianbai Ji

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English

Palgrave Macmillan
02 October 2022

Development studies; International relations; International institutions; International economics; Finance

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.

Edited by: Pradumna B. Rana, Xianbai Ji
Imprint: Palgrave Macmillan
Country of Publication: Singapore
Edition: 1st ed. 2022
Dimensions: Height: 210mm, Width: 148mm,
Weight: 457g
ISBN: 9789811920400
ISBN 10: 9811920400
Pages: 223
Publication Date: 02 October 2022
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Chapter 1: Introduction and Overview.- Chapter 2: The Evolution of Global Oversight Institutions: From the Library Group to the Group of Twenty.- Chapter 3: International Monetary and Economic Development Architecture: Complementarity between Global and Regional Institutions.- Chapter 4: Promoting Development Bank Complementarity in Asia.- Chapter 5: Reforming the Global Reserve System.- Chapter 6: The Evolving International Monetary System: Will Dollar Hegemony Outlive the Digital Revolution.- Chapter 7: Managing the Decentralising International Trade Architecture.- Chapter 8: Strengthening the International Financial Regulation Architecture.

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 Xianbai Ji is Assistant Professor at the School of International Studies, Renmin University of China (RUC) where he is also a Distinguished Young Scholar.