Kemal Derviº, Masahiro Kawai and Domenico Lombardi, eds., Brookings Institution Press and Asian Development Bank 2011 c. 200pp.
In this collaboration between the Brookings Institution and the Asian Development Bank Institute, eminent international economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of multilateral organisations such as the International Monetary Fund.
Established in the aftermath of the Asian financial crisis at the ministerial level, the G-20 has served as a high-level platform for discussing economic analyses and policy responses since 1999. During the current global financial crisis, however, the G-20’s role moved toward that of a global crisis management committee at the leadership level. The challenge now for the G-20 is to succeed in fostering ongoing and increasing cooperation among its members while being supportive of, rather than trying to replace, more universal institutions. After analysing the dynamics of growth in Asia comparatively and historically, the volume appraises the scope for policy coordination among key economies. The contributors analyse 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 the reform of the international monetary structure.
Contributors: Dony Alex (ICRIER, New Delhi), Kemal Dervis¸ (Brookings), Hasan Ersel (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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