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Rise of Complementarity between Global and Regional Financial Institutions: Perspectives from Asia

Research output: Contribution to journalArticle

Pradumna B. Rana, Ramon Pacheco Pardo

Original languageEnglish
Pages (from-to)231-243
JournalGlobal Policy
Volume9
Issue number2
Early online date14 Apr 2018
DOIs
Publication statusPublished - May 2018

Documents

  • Rise of Complementarity between Global_PARDO_Accepted8January2018_GREEN AAM

    Rana_Pacheco_Pardo_Rise_of_Complementarity_between_Global_and_Regional_Financial_Institutions_Global_Policy_accepted_for_publication_.pdf, 680 KB, application/pdf

    14/04/2020

    Accepted author manuscript

    "This is the peer reviewed version of the following article: Rana, P. B. and Pacheco Pardo, R. (2018), Rise of Complementarity between Global and Regional Financial Institutions: Perspectives from Asia. Glob Policy, 9: 231-243., which has been published in final form at https://doi.org/10.1111/1758-5899.12548. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions."

King's Authors

Abstract

Global economic governance is in flux. The institutions and norms set up by the US and other Western powers decades ago are being eroded. Regional organisations and emerging powers are challenging them. This is especially the case in East Asia and China. Or are they? In this article we argue that East Asian countries in general and China in particular are not challenging existing global institutions and norms. Instead, they are setting up and developing institutions that complement – rather than compete against – existing institutions. Even though there is a degree of “healthy” competition between regional institutions and their global counterparts, the former are essentially complementary to the latter. Global institutions can offer knowledge and capacity building to regional institutions, which in turn can provide access to a larger pool of resources. To prove our argument, we analyse the cases of liquidity provision – in the form of the IMF and the Chiang Mai Initiative Multilateralisation – and development financing – with the World Bank on the one hand and the Asian Infrastructure Investment Bank and the New Development Bank on the other. Our findings suggest that the multi-layering of international governance need not lead to competition between layers.

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