Asia and Policymaking for the Global Economy

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...
More Description

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), Jose Antonio Ocampo (Columbia University), Jim O'Neill (Goldman Sach