Asian Responses to the Global Financial Crisis
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Asian Responses to the Global Financial Crisis

The Impact of Regionalism and the Role of the G20

Edited by Jehoon Park, T. J. Pempel and Geng Xiao

The expert contributors – both Asian and Western – illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of ‘middle’ powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development.
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Chapter 7: The G20 and the Role of Asia in the Future

Deok Ryong Yoon

Extract

7. The G20 and the role of Asia in the future Deok Ryong Yoon 7.1 INTRODUCTION The G20 has emerged as a new economic steering group through the crisis. The G20 played a vital coordination role during the 2008 global financial crisis and contributed clearly to preventing the expansion of economic recession in the world. As the global economy recovers, there is a growing concern about the weakening spirit of collaboration. Recently, the global economy faced the so-called ‘currency war’ which can be exports-aid through competitive currency devaluations. Almost all the member countries of the G20 were drawn into the war, criticizing each other. The Group of Twenty seems to be standing at a crossroads to becoming a global governance body. Even with the concern about the future of the G20, Bradford and Linn (2009) argue that the change of global governance to the G20 is based on broad and fundamental changes of economic environment. The factors that have driven the G20’s emergence are as follows. First, the shifting of the global demographic and economic balance has called for a new system of governance. After the Cold War ended, the eastern hemisphere joined the market economy. With globalization, large emerging economies such as China, Russia, India and Brazil have revealed themselves as new economic powers. The increasing influence of emerging economies shifted the economic balance from the developed economies to emerging economies. Second, the growing global interdependencies across borders and different economic sectors required global responses to the changes. Globalization...

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