Asia and Policymaking for the Global Economy

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Kemal Dervi?, Masahiro Kawai, Domenico Lombardi
Brookings Institution Press, 2011 - Business & Economics - 200 pages

In this collaboration between the Brookings Institution and the Asian DevelopmentBank Institute, eminent international economists examine the increased influence ofAsian nations in the governance of global economic affairs, from the changing roleof the G-20 to the reform of multilateral organizations such as the InternationalMonetary Fund.

Established in the aftermath of the Asian financial crisis at the ministerial level, theG-20 has served as a high-level platform for discussing economic analyses and policyresponses since 1999. During the current global financial crisis, however, the G-20's rolemoved toward that of a global crisis management committee at the leadership level. Thechallenge now for the G-20 is to succeed in fostering ongoing and increasing cooperationamong its members while being supportive of, rather than trying to replace, moreuniversal institutions.

After analyzing the dynamics of growth in Asia comparatively and historically, thevolume 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), HasanErsel (Sabanci University), Karim Foda (Brookings), Yiping Huang (Peking University),Masahiro Kawai (ADBI), Rajiv Kumar (FICCI, New Delhi), Domenico Lombardi(Oxford University and Brookings), José Antonio Ocampo (Columbia University),Jim O'Neill (Goldman Sachs)


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Introduction and Overview
Emerging Asia and Rebalancing the World Economy
Is Rebalancing Feasible?
G20 Financial Reforms and Emerging Asias Challenges
The International Monetary System through the Lens of Emerging Asia
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About the author (2011)

Kemal Dervis is vice president and director of Global Economy and Developmentat the Brookings Institution. He has served as executive head of the UN DevelopmentProgram and as Turkey's minister of economic affairs.

Masahiro Kawai is dean and CEO of the Asian Development Bank Institute. He has also been deputy vice minister of finance for international affairs in Japan and a professor at the University of Tokyo's Institute of Social Science. Domenico Lombardi is president of the Oxford Institute for Economic Policy and a senior fellow at the Brookings Institution. He is also editor of the World Economics journal.

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