Asia and Policymaking for the Global Economy

Established in the aftermath of the Asian financial crisis, the G-20 has served as a high-level platform for discusssing economic analyses and policy responses since 1999. During the current global financial crisis, the G-20's role has moved toward that of global crisis committee. Still, it is unclear how --indeed, if --the G-20 can achieve and maintain a satisfactory degree of coordination among members as they emerge from the current crisis.In this concise volume, eminent international economists examine the changing role of the G-20 and the increased influence of Asian nations in that and relevant multilateral organizations such as the International Monetary Fund. Kemal Dervis investigates whether the G-20 will achieve a satisfactory degree of coordination among systemically important countries and what lessons can be drawn in this regard from the crisis. Masahiro Kawai assesses financial regulatory reforms proposed at recent G-20 summits with an emphasis on their feasibility in key Asian financial systems. Domenico Lombardi analyzes the debate on IMF reform through the lenses of Asian countries. A concludingchapter discusses the potential for greater policy coordination among the United States and Asian giants India, China, and Japan, as well as the likely ramifications of such stepped-up cooperation and the benefits anticipated by each party.ContentsForeword (Haruhiko Kuroda)1. Introduction2. Global Macroeconomic Policies beyond the Crisis: The G-20 and the Role of Asian Countries3. Domestic Financial Regulatory Reforms: The G-20 Recommendations through Asian Lenses4. The IMF: Resources, Roles, and Reforms from an Asian Perspective5. The Asian Giants and the United States: What Are the Benefits for Policy Coordination?

Kemal Dervis is vice president and director of Global Economy and Development at the Brookings Institution. He has served as executive head of the UN Development Program and as Turkey's minister of economic affairs. Masahiro Kawai is dean and CEO of the Asian Development Bank Institute. He has also been deputy vice minister of finance for international affairs in Japan and a professor at the University of Tokyo's Institute of Social Science. Domenico Lombardi is president of the Oxford Institute for Economic Policy and a senior fellow at the Brookings Institution. He is also editor of the World Economics journal.