The Reorganization of the International Financial Architecture in the Wake of the Global Financial Crisis

2013 ◽  
pp. 190-228
Author(s):  
Claus D. Zimmerman
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Financial Architecture ◽  
International Financial Architecture ◽  
The Global Financial Crisis

scholarly journals REFORM OF THE INTERNATIONAL FINANCIAL ARCHITECTURE: AN ASIAN PERSPECTIVE

2010 ◽  
Vol 55 (01) ◽  
pp. 207-242 ◽  
Author(s):  
MASAHIRO KAWAI
Keyword(s):  
Financial Crisis ◽  
Economic Integration ◽  
Global Financial Crisis ◽  
Asian Development Bank ◽  
Executive Directors ◽  
Development Bank ◽  
Asian Development ◽  
Financial Architecture ◽  
International Financial Architecture ◽  
The Global Financial Crisis

This is a substantially revised version of the paper presented to the Symposium on Asian Economic Integration organized by Nanyang Technology University in Singapore, 4–5 September 2008. The author is grateful to Teresa Carpenter for providing comments on an earlier version and to Pradumna B. Rana for encouraging him to update the paper with the discussion of recent international financial architecture reforms in response to the global financial crisis of 2007–2009. He also acknowledges competent editorial assistance by Barnard Helman. The findings, interpretations, and conclusions expressed in the paper are entirely those of the author alone and do not necessarily represent the views of the Asian Development Bank, its Institute, its executive directors, or the countries they represent.

Global Finance after the Crisis: Reform Imperatives and Vested Interests

2011 ◽  
Vol 11 (2) ◽  
pp. 1850228
Author(s):  
Wim Naude
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Global Level ◽  
Reform Initiatives ◽  
Global Finance ◽  
Financial Architecture ◽  
Vested Interests ◽  
Recent Reform ◽  
The Global Financial Crisis ◽  
Made In

The global financial crisis of 2008-09 has stimulated a number of re-assessments of global development. But after two years, not much progress has been made in dealing with the deep causes of the crisis. While it is better understood now why the crisis occurred, more progress is needed in terms of financial reform on the global level in order to prevent future financial crises. A remaining challenge is to strengthen the global financial architecture (GFA). This paper focuses on the GFA and its relationship to the global financial crisis. Recent reform initiatives are discussed. Strong resistance against re-regulation of the financial sector is noted, reflecting the general opposition of vested interests to GFA reform.

Globalism Ascendant, Regionalism Stagnant: Japan’s Response to the Global Financial Crisis

2011 ◽  
Vol 6 (1-2) ◽  
pp. 37-61 ◽  
Author(s):  
Mireya Solís
Keyword(s):  
Financial Crisis ◽  
Regional Integration ◽  
Global Financial Crisis ◽  
Foreign Exchange Rate ◽  
Chiang Mai ◽  
Financial Architecture ◽  
Economic Diplomacy ◽  
The Global Financial Crisis ◽  
Regional Agenda ◽  
Global Initiatives

AbstractJapan’s response to the global financial crisis has emphasized global initiatives and downplayed the regional agenda, in sharp contrast with its approach to the Asian financial crisis. This rebalancing in Japan’s economic diplomacy reflects the greater political space that it has enjoyed at the global level since its long-held views on the benefits of flexible International Monetary Fund (IMF) lending practices and controls on volatile capital flows became mainstream. Meanwhile, at the regional level Japan faces stiff competition from China in shaping the regional integration agenda and unchartered territory in coleading a multilateral Chiang Mai Initiative. Despite its enhanced profile, Japan’s new globalism is uneven: it has made a very significant financial contribution to expand the IMF’s resources and to restore trade financing; but Japan has not played a major role in the debate surrounding the most pressing issues of a future financial architecture, such as tackling global imbalances and promoting foreign exchange-rate cooperation. Japan’s muted voice, despite its large financial commitments, reflects its difficult adaptation to the G20 summitry process, as well as political volatility at home, which prevents it from developing measures to deal with the global downturn.

Toward a Pluripolar Global Financial Architecture? The Bretton Woods Institutions and the New Landscape of Developmental Finance

2018 ◽  
Vol 50 (4) ◽  
pp. 653-659 ◽  
Author(s):  
Ilene Grabel
Keyword(s):  
Financial Crisis ◽  
Regime Change ◽  
Global Financial Crisis ◽  
Financial Architecture ◽  
Bretton Woods ◽  
Financial Governance ◽  
The Global Financial Crisis ◽  
Bretton Woods Institutions ◽  
Governance Architecture

I advance three claims in the paper. First, the Asian and especially the global financial crisis occasioned discontinuities and continuities that are imparting incoherence to the global financial governance architecture and developmental finance. Second, the emergent incoherence is productive of development rather than debilitating. Third, productive incoherence can be understood most fully within a “Hirschmanian mindset,” that is, an understanding of social and regime change informed by Albert O. Hirschman’s key theoretical and epistemic commitments.

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