From Centralised to Decentralising Global Economic Architecture: The Asian Perspective

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