Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20
The recent global financial crisis has highlighted the importance of international monetary and financial system reform. The current system is deemed to be no longer adequate to meet the needs of a complex, integrated world economy. With regards to the reform of the international monetary system, th...
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| Format: | Article |
| Language: | English |
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Korea Institute for International Economic Policy
2012-03-01
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| Series: | East Asian Economic Review |
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| Online Access: | http://dx.doi.org/10.11644/KIEP.JEAI.2012.16.1.241 |
| _version_ | 1817994454932389888 |
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| author | Yoon Je Cho |
| author_facet | Yoon Je Cho |
| author_sort | Yoon Je Cho |
| collection | DOAJ |
| description | The recent global financial crisis has highlighted the importance of international monetary and financial system reform. The current system is deemed to be no longer adequate to meet the needs of a complex, integrated world economy. With regards to the reform of the international monetary system, there have been various proposals both in demand and supply sides. These include proposals to build a stronger global financial safety net, to diversify the supply of international reserve currency and so on. These proposals face trade-offs between desirability and political feasibility. Given this situation, a practical transition would be to strengthen policy coordination among the major economies and to reform the International Monetary Fund. The success on both fronts depends heavily on global economic governance reform and the role of the G20. Increased status and representation of Asian countries in the G20 give both privileges and responsibilities to Asians. To meet these responsibilities, Asians should put forth greater efforts to develop their intellectual leadership in global economic issues through creating new forum and institutions. |
| first_indexed | 2024-04-14T01:52:58Z |
| format | Article |
| id | doaj.art-e42d7a4d30714d9db6d2db42128e1a6d |
| institution | Directory Open Access Journal |
| issn | 2508-1640 2508-1667 |
| language | English |
| last_indexed | 2024-04-14T01:52:58Z |
| publishDate | 2012-03-01 |
| publisher | Korea Institute for International Economic Policy |
| record_format | Article |
| series | East Asian Economic Review |
| spelling | doaj.art-e42d7a4d30714d9db6d2db42128e1a6d2022-12-22T02:19:18ZengKorea Institute for International Economic PolicyEast Asian Economic Review2508-16402508-16672012-03-01161323http://dx.doi.org/10.11644/KIEP.JEAI.2012.16.1.241Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20Yoon Je Cho 0Graduate School of International Studies, Sogang UniversityThe recent global financial crisis has highlighted the importance of international monetary and financial system reform. The current system is deemed to be no longer adequate to meet the needs of a complex, integrated world economy. With regards to the reform of the international monetary system, there have been various proposals both in demand and supply sides. These include proposals to build a stronger global financial safety net, to diversify the supply of international reserve currency and so on. These proposals face trade-offs between desirability and political feasibility. Given this situation, a practical transition would be to strengthen policy coordination among the major economies and to reform the International Monetary Fund. The success on both fronts depends heavily on global economic governance reform and the role of the G20. Increased status and representation of Asian countries in the G20 give both privileges and responsibilities to Asians. To meet these responsibilities, Asians should put forth greater efforts to develop their intellectual leadership in global economic issues through creating new forum and institutions.http://dx.doi.org/10.11644/KIEP.JEAI.2012.16.1.241Asia’s Role in Global Economic GovernanceThe G20 and Global Economic GovernanceInternational Monetary System Reform |
| spellingShingle | Yoon Je Cho Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20 East Asian Economic Review Asia’s Role in Global Economic Governance The G20 and Global Economic Governance International Monetary System Reform |
| title | Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20 |
| title_full | Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20 |
| title_fullStr | Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20 |
| title_full_unstemmed | Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20 |
| title_short | Global Economic Governance Reform and the Roleof Asia: Opportunities Offered by the G20 |
| title_sort | global economic governance reform and the roleof asia opportunities offered by the g20 |
| topic | Asia’s Role in Global Economic Governance The G20 and Global Economic Governance International Monetary System Reform |
| url | http://dx.doi.org/10.11644/KIEP.JEAI.2012.16.1.241 |
| work_keys_str_mv | AT yoonjecho globaleconomicgovernancereformandtheroleofasiaopportunitiesofferedbytheg20 |