Conference on Asian Architecture and Global Governance

Background

Sustained economic growth can contribute significantly to poverty reduction. Indeed, countries that have enjoyed economic growth for long periods of time have witnessed marked declines in poverty incidence. But an economic and financial crisis could frustrate such development. Even though countries can recover quickly from the crisis, they may not return to the same growth path as before the crisis, thus delaying further the economic development process. Because a crisis can have long-term developmental implications, ADBI is keen in making a contribution to the understanding of the causes of a crisis and to the formulation of policy measures that ADB's developing member countries (DMCs) could adopt to avoid a crisis.

The current financial crisis and global economic downturn did not originate in Asia, and, indeed, Asian countries in structural terms are generally in good shape. Nonetheless, Asian economies and financial markets have already begun to feel the impacts of the crisis, and these are likely to deepen substantially over the coming year. The most obvious areas of impact have been exports and equity markets, which have declined sharply across the region, but stresses in currency and credit markets have emerged as well, and domestic demand has softened. This sensitivity has been heightened by the export-led growth strategies followed by many countries.

ADBI is planning a series of conferences related to the crisis, including identifying its likely impacts on Asian countries, developing scenarios for growth re-balancing away from exports, and developing recommendations related to macroeconomic policy, structural and institutional innovations, regional integration and financial reform. This conference will review evidence and analysis of the implications of the global economic and financial crisis on the desired structural and institutional policy responses by Asian countries at the national and regional level. This conference will build on the work of earlier conferences dealing with identifying the macroeconomic impacts of the crisis on the region, lessons from previous crises, and growth rebalancing.

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Objectives

The objective of the conference is to develop concrete recommendations for improving and/or developing regional economic policy and institutions aimed at preventing the recurrence of a systemic financial crisis in the region, improving the resilience of regional economies to external economic and financial shocks and strengthening the basis for sustainable long-term growth. The focus is on longer-term structural measures. The main areas included in this conference are:

• Asia in Global Governance: A Case for Decentralized Institutions
• Applying the Lessons of Asia: The IMF's Crisis Management Strategy in 2008
• Reforming the International Monetary System
• Future of the International Currency System: A Chinese Economist's Perspective
• Promoting Exchange Rate Cooperation and Financial Stability in the Region
• Trade and Investment Policy in the Region
• An Institutional Framework for Pan-Asian Connectivity
• Political Economy of Regional Integration and Cooperation
• Governance and Regional Economic Integration in Asia from a European Perspective

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Outputs

Conference papers

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Partners

Economics and Research Department, ADB