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Asia In Global Governance: A Case For Decentralized Institutions

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Executive Summary

The global economic crisis refocused attention on the governance of International Economic Institutions (IEIs). This paper uses the analytical framework of club theory to highlight structural obstacles to reform in international macroeconomic management, development finance, trade, and financial stability. The authors argue that reforms currently being discussed - for example, in voting power in the International Monetary Fund and the World Bank - are important, but not sufficient to make IEIs adaptable to the demands of a rapidly changing world economy.

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