Complementarity Between Regional and Global Financial Governance Institutions

The Case of Asean+3 and the Global Financial Safety Net

Bibliographic Data

ID6189217
AuthorsRamon Pacheco Pardo (0000-0001-9502-3915), Pradumna B Rana
Year2015
Volume21
Issue3
Pages413-433
Publication date2015-08-19
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueGlobal Governance A Review of Multilateralism and International Organizations (JOURNAL)
Journal identifiersISSN: 1075-2846 • E-ISSN: 1942-6720
PublisherWalter de Gruyter GmbH (PUBLISHER • DE)
DOI10.1163/19426720-02103005
OpenAlexW2214920606
LanguageEN
Citations received2
References cited11

Three decades of financial crises culminating in the global financial crisis have prompted the development of multilayered global financial governance. This article examines the relationship between the global and regional 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 underpin this complementarity

Business · Corporate governance · Economics · Financial crisis · Financial Integration · Financial market · Financial system · Global governance · International trade · Macroeconomics · Political science · Safety net · Banking stability, regulation, efficiency · Global Financial Crisis and Policies · Global Financial Regulation and Crises · Law · Finance

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