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Complementarity Between Regional and Global Financial Governance Institutions: The Case of ASEAN+3 and the Global Financial Safety Net

Complementarity Between Regional and Global Financial Governance Institutions: The Case of... Global Governance 21 (2015), 413–433 Complementarity Between Regional and Global Financial Governance Institutions: The Case of ASEAN+3 and the Global Financial Safety Net Ramon Pacheco Pardo and Pradumna B. Rana Three decades of financial crises culminating in the global financial crisis have prompted the development of multilayered global financial gover- nance. This article examines the relationship between the global and re- gional layers by analyzing the case of the global and ASEAN+3 financial safety nets. Making use of regime theory, we examine the evolution of the characteristics, main institutions, goals, and behavioral expectations of these two nets. The article argues that the ASEAN+3 regional financial safety net, which was mostly developed following the East Asian financial crisis of 1997, complements rather than undermines the global financial safety net. Similar characteristics, goals, and behavioral expectations un- derpin this complementarity. KEYWORDS: global financial safety net, ASEAN+3 regional financial safety net, regime theory. THE GLOBAL FINANCIAL CRISIS (GFC) AND PREVIOUS REGIONAL CRISES UNDERLINE the importance of developing solid multilateral financial safety nets to pre- empt recurrence in the future. Nonetheless, there is no agreement regard- ing the optimal geographical scope of these safety nets. Options include a global financial safety net (GFSN), http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Global Governance: A Review of Multilateralism and International Organizations Brill

Complementarity Between Regional and Global Financial Governance Institutions: The Case of ASEAN+3 and the Global Financial Safety Net

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1075-2846
eISSN
1942-6720
DOI
10.1163/19426720-02103005
Publisher site
See Article on Publisher Site

Abstract

Global Governance 21 (2015), 413–433 Complementarity Between Regional and Global Financial Governance Institutions: The Case of ASEAN+3 and the Global Financial Safety Net Ramon Pacheco Pardo and Pradumna B. Rana Three decades of financial crises culminating in the global financial crisis have prompted the development of multilayered global financial gover- nance. This article examines the relationship between the global and re- gional layers by analyzing the case of the global and ASEAN+3 financial safety nets. Making use of regime theory, we examine the evolution of the characteristics, main institutions, goals, and behavioral expectations of these two nets. The article argues that the ASEAN+3 regional financial safety net, which was mostly developed following the East Asian financial crisis of 1997, complements rather than undermines the global financial safety net. Similar characteristics, goals, and behavioral expectations un- derpin this complementarity. KEYWORDS: global financial safety net, ASEAN+3 regional financial safety net, regime theory. THE GLOBAL FINANCIAL CRISIS (GFC) AND PREVIOUS REGIONAL CRISES UNDERLINE the importance of developing solid multilateral financial safety nets to pre- empt recurrence in the future. Nonetheless, there is no agreement regard- ing the optimal geographical scope of these safety nets. Options include a global financial safety net (GFSN),

Journal

Global Governance: A Review of Multilateralism and International OrganizationsBrill

Published: Aug 19, 2015

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