Implications of China's Growing Military Diplomatic Clout for the United States: Cooperation, Competition Or Conflict?

Total Page:16

File Type:pdf, Size:1020Kb

Implications of China's Growing Military Diplomatic Clout for the United States: Cooperation, Competition Or Conflict? View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Calhoun, Institutional Archive of the Naval Postgraduate School Calhoun: The NPS Institutional Archive Theses and Dissertations Thesis Collection 2009-03 Implications of China's growing military diplomatic clout for the United States: cooperation, competition or conflict? Li, Steven X. Monterey, California. Naval Postgraduate School http://hdl.handle.net/10945/4915 NAVAL POSTGRADUATE SCHOOL MONTEREY, CALIFORNIA THESIS IMPLICATIONS OF CHINA’S GROWING MILITARY DIPLOMATIC CLOUT FOR THE UNITED STATES: COOPERATION, COMPETITION OR CONFLICT? by Steven X. Li March 2009 Thesis Advisor: Alice L. Miller Second Reader: Christopher P. Twomey Approved for public release; distribution is unlimited THIS PAGE INTENTIONALLY LEFT BLANK REPORT DOCUMENTATION PAGE Form Approved OMB No. 0704-0188 Public reporting burden for this collection of information is estimated to average 1 hour per response, including the time for reviewing instruction, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to Washington headquarters Services, Directorate for Information Operations and Reports, 1215 Jefferson Davis Highway, Suite 1204, Arlington, VA 22202-4302, and to the Office of Management and Budget, Paperwork Reduction Project (0704-0188) Washington DC 20503. 1. AGENCY USE ONLY (Leave blank) 2. REPORT DATE 3. REPORT TYPE AND DATES COVERED March 2009 Master’s Thesis 4. TITLE AND SUBTITLE Implications of China’s Growing Military Diplomatic 5. FUNDING NUMBERS Clout for the United States: Cooperation, Competition or Conflict? 6. AUTHOR(S) Steven X. Li 7. PERFORMING ORGANIZATION NAME(S) AND ADDRESS(ES) 8. PERFORMING ORGANIZATION Naval Postgraduate School REPORT NUMBER Monterey, CA 93943-5000 9. SPONSORING /MONITORING AGENCY NAME(S) AND ADDRESS(ES) 10. SPONSORING/MONITORING N/A AGENCY REPORT NUMBER 11. SUPPLEMENTARY NOTES The views expressed in this thesis are those of the author and do not reflect the official policy or position of the Department of Defense or the U.S. Government. 12a. DISTRIBUTION / AVAILABILITY STATEMENT 12b. DISTRIBUTION CODE Approved for public release; distribution is unlimited 13. ABSTRACT (maximum 200 words) China’s military capabilities are growing and so is Beijing’s ability to employ its military in diplomatic capacities. Since the Chinese military’s power projection capabilities still remain limited, the preponderance of its activities still fall within Asia. This thesis uses a three-step process (comparing, analyzing and extracting implications) to assess if increased levels of Chinese military diplomacy will shift the Sino-U.S. military relationship towards competition, cooperation, or conflict. This research effort finds that differences in U.S. and Chinese capabilities and political interests lead disparities in military diplomacy activity level, selection of strategic partners, and preferred diplomacy tools. However, despite these differences, the potential for increased Sino-U.S. military cooperation remains high. In order to capitalize on such potentials, policymakers should endorse a contingent-based cooperative approach to building military-to-military relations between the United States and China. This type of an approach encourages China to become more of a “responsible stakeholder” and exert positive influence in Asia through its military interactions. 14. SUBJECT TERMS People’s Republic of China, United States, Military Relations, Military 15. NUMBER OF Diplomacy PAGES 145 16. PRICE CODE 17. SECURITY 18. SECURITY 19. SECURITY 20. LIMITATION OF CLASSIFICATION OF CLASSIFICATION OF THIS CLASSIFICATION OF ABSTRACT REPORT PAGE ABSTRACT Unclassified Unclassified Unclassified UU NSN 7540-01-280-5500 Standard Form 298 (Rev. 2-89) Prescribed by ANSI Std. 239-18 i THIS PAGE INTENTIONALLY LEFT BLANK ii Approved for public release; distribution is unlimited IMPLICATIONS OF CHINA’S GROWING MILITARY DIPLOMATIC CLOUT FOR THE UNITED STATES: COOPERATION, COMPETITION OR CONFLICT? Steven X. Li Major, United States Air Force B.S., United States Air Force Academy, 1998 Submitted in partial fulfillment of the requirements for the degree of MASTER OF ARTS IN SECURITY STUDIES (FAR EAST, SOUTHEAST ASIA, PACIFIC) from the NAVAL POSTGRADUATE SCHOOL March 2009 Author: Steven X. Li Approved by: Alice L. Miller Thesis Advisor Christopher P. Twomey Second Reader Harold A. Trinkunas, PhD Chairman, Department of National Security Affairs iii THIS PAGE INTENTIONALLY LEFT BLANK iv ABSTRACT China’s military capabilities are growing and so is Beijing’s ability to employ its military in diplomatic capacities. Since the Chinese military’s power projection capabilities still remain limited, the preponderance of its activities still fall within Asia. This thesis uses a three-step process (comparing, analyzing and extracting implications) to assess if increased levels of Chinese military diplomacy will shift the Sino-U.S. military relationship towards competition, cooperation, or conflict. This research effort finds that differences in U.S. and Chinese capabilities and political interests lead disparities in military diplomacy activity level, selection of strategic partners, and preferred diplomacy tools. However, despite these differences, the potential for increased Sino-U.S. military cooperation remains high. In order to capitalize on such potentials, policymakers should endorse a contingent-based cooperative approach to building military-to-military relations between the United States and China. This type of an approach encourages China to become more of a “responsible stakeholder” and exert positive influence in Asia through its military interactions. v THIS PAGE INTENTIONALLY LEFT BLANK vi TABLE OF CONTENTS I. INTRODUCTION........................................................................................................1 A. MAJOR RESEARCH QUESTION................................................................1 B. IMPORTANCE................................................................................................1 C. PROBLEMS AND HYPOTHESES ...............................................................3 D. LITERATURE REVIEW ...............................................................................4 E. METHODS AND SOURCES........................................................................11 F. THESIS OVERVIEW ...................................................................................13 II. MILITARY DIPLOMACY IN ASIA.......................................................................17 A. ENGAGEMENT PATTERNS......................................................................17 B. ENGAGEMENT TOOLS .............................................................................20 1. Strategic-level Activities ....................................................................20 2. Regional Activities .............................................................................22 3. Professional Military Education Exchanges....................................24 4. Non-traditional Security Cooperation .............................................26 5. Summary.............................................................................................29 III. GENERAL TRENDS ANALYSIS ...........................................................................33 A. OVERALL ACTIVITY LEVEL DISPARITY ...........................................34 B. STRATEGIC PARTNERS ...........................................................................36 1. U.S.-Japan Security Relations ..........................................................36 2. U.S.-Korea Security Relations ..........................................................38 3. U.S.–Philippine Security Relations...................................................42 4. U.S.-Singapore Security Relations....................................................45 5. U.S.-Thai Security Relations.............................................................47 6. China’s Strategic Partners................................................................50 7. China-Pakistan Security Relations...................................................51 8. China-Russia Security Relations ......................................................52 9. China-Burma Security Relations......................................................54 10. China-North Korea Security Relations............................................56 11. Summary.............................................................................................59 C. PREFERRED TOOLS ..................................................................................59 1. Consultations and Strategic Dialogues.............................................60 2. State-to-State Military Protocols......................................................61 3. Regional Forums ................................................................................61 4. Peacekeeping ......................................................................................65 5. Summary.............................................................................................66 D. THE CAVEAT TO MEASURING SUCCESS ...........................................67 E. SUMMARY ....................................................................................................68
Recommended publications
  • Ten Reasons Why the Global Textile Industry Demands Quality Cotton
    BUSINESS INTELLIGENCE FOR AN INTERWOVEN WORLD TheThe CompetitiveCompetitive Edge:Edge: TenTen ReasonsReasons WhyWhy TheThe GlobalGlobal TextileTextile IndustryIndustry DemandsDemands QualityQuality CottonCotton Robert P. Antoshak President Globecot, Inc. BUSINESS INTELLIGENCE FOR AN INTERWOVEN WORLD Why Does Quality Cotton Matter? There are ten factors that impact today’s global textile industry and force mills to consider quality cotton … BUSINESS INTELLIGENCE FOR AN INTERWOVEN WORLD 1. Textile Industry Consolidation 2. Continuing Overcapacity 3. Export Competition 4. Consolidation in Raw Materials 5. Shifting Investment Flows 6. Slowing Growth in Global Market 7. Consolidation of Retail Sector 8. Government Policy 9. The Impact of China 10.The Impact of China’s Competitors BUSINESS INTELLIGENCE FOR AN INTERWOVEN WORLD Reason 1: TextileTextile IndustryIndustry ConsolidationConsolidation • Decline of U.S., E.U. industries • Significant reorientation of industries in Korea, Japan, Taiwan and Hong Kong • Shifting of investment resources away from U.S. and E.U. in favor of China, India, Vietnam, etc. BUSINESS INTELLIGENCE FOR AN INTERWOVEN WORLD GlobalGlobal ProductionProduction ofof CottonCotton YarnYarn 25000 20000 Asia/Oceania 15000 Europe 10000 Africa Americas 5000 1,000 Metric Tons 0 '80 '85 '90 '95 '00 '05 '06 Source: ICAC BUSINESS INTELLIGENCE FOR AN INTERWOVEN WORLD GlobalGlobal ProductionProduction ofof CottonCotton FabricsFabrics 14000 12000 10000 Asia/Oceania 8000 Europe 6000 Africa Americas 4000 1,000 Metric Tons 2000 0 '80 '85
    [Show full text]
  • Sunil Sharma
    Visiting Scholar, Institute for International Economic Policy Elliott School of International Affairs, Suite 502 The George Washington University Washington, DC 20052, USA. Mobile: +(1) 202-600-6345 Email: [email protected] Email: [email protected] SUNIL SHARMA Education Ph.D. (Economics), Cornell University, USA, 1986. M.A. (Economics), Cornell University, USA, 1983. M.A. (Economics), Delhi School of Economics, India, 1980. B.A. (Honors), St. Stephen’s College, Delhi University, India, 1978. Professional Visiting Scholar, Institute of International Economic Policy, Elliott School of International Affairs, The George Washington University, 2018- Experience Assistant Director, Research Department, International Monetary Fund, 2015-2018 . Research on financial market development, regulation, and macro-financial issues. Oversaw and contributed to the review of IMF papers on financial policy issues. Director, IMF-Singapore Regional Training Institute (STI), Singapore, 2006-2014 . Managed STI operations, including curriculum, teaching, administration, budget, IT, personnel, outreach, and liaising with governments in the Asia-Pacific region. Ex officio Secretary of the STI Executive Committee; Coordinate STI operations with the Singapore government (Monetary Authority of Singapore, Ministry of Foreign Affairs), IMF’s Regional Office for Asia and the Pacific in Tokyo, and IMF Headquarters in Washington D.C. Co-managed the Finance program of the IMF Institute. Designed and taught a 5-day seminar on Selected Issues in the Evolving Financial Regulatory Framework at the STI (2011-13). Designed and taught a 5-day seminar on Mortgage Markets and Financial Stability at the regional institutes in Vienna (2009-13) and Singapore (2008-13). Organized the First STI Meeting on Training (April 27-28, 2006) in Singapore to start a dialogue on the STI curriculum and training events with the directors of training at central banks and finance ministries in the Asia-Pacific region.
    [Show full text]
  • Singapore Competitiveness Report Singapore Competitiveness Report 2009 Report Competitiveness Singapore
    Singapore Competitiveness Report Singapore Competitiveness Report 2009 foreword by Michael E. Porter Harvard Business School Christian Ketels Ashish Lall Neo Boon Siong with research assistance from Stevenson Q. Yu LEE KUAN YEW SCHOOL OF PUBLIC POLICY Susan Chung Lai Ling NATIONAL UNIVERSITY OF SINGAPORE 469C Bukit Timah Road, Oei Tiong Ham Building, Singapore 259772 www.lkyspp.nus.edu.sg/ACI b SINGAPORE COMPETITIVENESS REPORT Singapore Competitiveness Report foreword by Michael E. Porter Harvard Business School Christian Ketels Ashish Lall Neo Boon Siong with research assistance from Stevenson Q. Yu Susan Chung Lai Ling SINGAPORE COMPETITIVENESS REPORT 1 2 SINGAPORE COMPETITIVENESS REPORT Table of Contents Foreword ...............................................................................................................................7 Executive Summary ..............................................................................................................9 Chapter 1: Introduction Singapore’s Competitiveness Challenge in 2009 ..........................................................................................19 The Report’s Conceptual Approach ..............................................................................................................19 Report Outline ............................................................................................................................................... 21 Chapter 2: Economic Performance Standard of Living .........................................................................................................................................25
    [Show full text]
  • CECA Implementation: a First Look
    ISAS Working Paper No. 9 – Date: 7 February 2006 (All rights reserved) Institute of South Asian Studies Hon Sui Sen Memorial Library Building 1 Hon Sui Sen Drive (117588) Tel: 68746179 Fax: 67767505 Email: [email protected] Wesbite: www.isas.nus.edu.sg CECA Implementation: A First Look Alka Chadha• Introduction The Comprehensive Economic Cooperation Agreement (CECA) was signed between India and Singapore on 29 June 2005 to promote trade and investments between the two countries. For the first time, India has signed an all-encompassing economic pact with any country so as to benefit from gains through trade and investment flows in areas of mutual interest. This is also the first time that India has notified a Free Trade Agreement (FTA) under Article XXIV of the General Agreement on Tariffs and Trade (GATT). While, the Agreements relating to goods and services are in accordance with the provisions under the World Trade Organization (WTO), the Agreement on financial services goes beyond the WTO commitments for both India and Singapore. The idea for a comprehensive economic agreement between India and Singapore developed from discussions between the then Prime Minister of India Atal Behari Vajpayee and the then Prime Minister of Singapore Goh Chok Tong in August 2002. A joint study group was set up to draft the working of the CECA and it submitted a report in April 2003 that recommended an integrated package of agreements between India and Singapore including free trade in goods and services and investments. The CECA is a classic example of proving that the disparity in size does not matter when it comes to economic cooperation.
    [Show full text]
  • Bulletin of Economic Theory and Analysis
    BULLETIN OF ECONOMIC THEORY AND ANALYSIS Journal homepage: http://www.betajournals.org The Effects of the IMF’s Quota and Governance Reforms on Turkey Z. Tuğrul Göver To cite this article: Göver, Z., T. (2018). The Effects of the IMF’s Quota and Governance Reforms on Turkey. Bulletin of Economic Theory and Analysis, 3(1), 1-34. Received: 25 Dec 2017 Accepted: 26 Sep 2018 Published online: 30 Sep 2018 ©All right reserved βετα Bulletin of Economic Theory and Analysis Volume III, Issue 1, pp. 1-33, 2018 http://www.betajournals.org The Effects of the IMF’s Quota and Governance Reforms on Turkey Z. Tuğrul GÖVERa aUndersecretariat of Treasury, TURKEY ABSTRACT Turkey became a member of the IMF in 1947 and has resorted to IMF sources many times since then. Turkey signed 19 Stand-By Arrangements with the IMF when faced with liquidity problems. Several studies have already provided detailed information about the history and evolution of the relationship between the IMF and Turkey. However, we have not come across studies about the reform efforts carried out by the IMF since 2006 and their effects on Turkey. The IMF reforms completed during the 2006-2016 period positively affected Turkey's voting power, the amount of potential financing it could use, and its representation at the Executive Board. Yet, the conditionality principle, which applies to all countries, remains valid for Turkey as Keywords well. Therefore, it would benefit Turkey to explore alternative ways in which it can IMF, Global obtain potential financing on more flexible terms than the IMF. The objectives of the Financial Safety Net, conditionality study are to examine the reform efforts carried out by the IMF during the period 2006- 2016 and their impact on Turkey and, to discuss the possibility of obtaining funds from JEL Classification other components of the Global Financial Safety Net for Turkey F33, F36, F53 CONTACT Z.
    [Show full text]
  • Managing Capital Flows: the Case of Singapore
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Chow, Hwee Kwan Working Paper Managing capital flows: The case of Singapore ADBI Discussion Paper, No. 86 Provided in Cooperation with: Asian Development Bank Institute (ADBI), Tokyo Suggested Citation: Chow, Hwee Kwan (2008) : Managing capital flows: The case of Singapore, ADBI Discussion Paper, No. 86, Asian Development Bank Institute (ADBI), Tokyo This Version is available at: http://hdl.handle.net/10419/53494 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Managing Capital Flows: The Case of Singapore Hwee Kwan Chow February 2008 ADB Institute Discussion Paper No. 86 Hwee Kwan Chow was commissioned by the ADBI to provide a country study of Singapore for the project Managing Capital Flows.
    [Show full text]
  • The Global Economic Crisis and Its Implications for Asian Economic Cooperation
    Policy Studies 55 The Global Economic Crisis and Its Implications for Asian Economic Cooperation Michael G. Plummer About the East-West Center The East-West Center is an education and research organization estab- lished by the U.S. Congress in 1960 to strengthen relations and under- standing among the peoples and nations of Asia, the Pacific, and the United States. The Center contributes to a peaceful, prosperous, and just Asia Pacific community by serving as a vigorous hub for cooperative research, education, and dialogue on critical issues of common concern to the Asia Pacific region and the United States. Funding for the Center comes from the U.S. government, with additional support provided by private agencies, individuals, foundations, corporations, and the gov- ernments of the region. The Global Economic Crisis and Its Implications for Asian Economic Cooperation Policy Studies 55 The Global Economic Crisis and Its Implications for Asian Economic Cooperation Michael G. Plummer Copyright © 2009 by the East-West Center The Global Economic Crisis and Its Implications for Asian Economic Cooperation by Michael G. Plummer ISSN 1547-1349 (print) and 1547-1330 (electronic) ISBN 978-1-932728-84-2 (print) and 978-1-932728-85-9 (electronic) East-West Center 1601 East-West Road Honolulu, Hawai‘i 96848-1601 Tel: 808.944.7111 [email protected] EastWestCenter.org/policystudies The views expressed are those of the author(s) and not necessarily those of the Center. Hard copies of publications in the series are available through Amazon.com. In
    [Show full text]
  • Reform of IMF Quota Shares and Voting Shares: a Missed Opportunity
    April 8, 2008 Ralph C. Bryant Reform of IMF Quota Shares and Voting Shares: A Missed Opportunity The Executive Board of the International Monetary Fund approved on March 28th a recommended set of reforms for IMF quotas and voting shares and asked the Governors of the 185 member nations to vote by the end of April 2008 to approve the resolution embodying the proposed reforms.1 The Managing Director of the IMF, Dominique Strauss-Kahn, described the proposed reforms as "a very important step." The package does contain modest improvements in existing governance procedures for the IMF. But the improvements fall very far short in addressing the challenges facing the IMF in its hoped-for evolution toward a global institution with more balanced and inclusive representation and voting power. The most serious failing of the proposed reforms is the omission of any changes in the composition and size of the IMF’s Executive Board. Throughout the discussions leading up to the March 28th agreement, all questions about the size of the Executive Board and the disproportionate dominance of European "chairs" were taken off the table completely. Yet the composition and procedures of the Executive Board are the aspects of IMF governance most in need of reform. 1 See IMF Press Release No. 08/64, March 28, 2008; and the document "Reform of Quota and Voice in the International Monetary Fund – Report of the Executive Board to the Board of Governors." March 28, 2008. Both documents are available on the IMF website. 2 The proposed revised formula for calculating the presumptive quota and voting shares of members is an especially weak component of the proposed package.
    [Show full text]
  • Free Trade Agreements and the Formalisation of Economic
    Regional Economic Integration in East Asia and Japan Shujiro URATA Waseda University I. Introduction East Asia achieved rapid economic growth for the last several decades, although there are variations among them in terms of the rate of economic growth. For example, compared to developing countries, Japan, which achieved high level of economic development, registered low economic growth. By contrast, China achieved extremely high growth in recent decades. A number of factors such as high savings and investment, and availability of low wage labor, have contributed to rapid economic growth of East Asia’s developing countries. Among these factors, rapid expansion of foreign trade and foreign direct investment (FDI) has played very important roles, as they led to the formation of regional production network in East Asia, which has become an engine of economic growth in East Asia. With this background information in mind, I would like to discuss international economic situations in East Asia by examining changing patterns of foreign trade and investment. More specifically, I will focus on regional economic integration in East Asia in recent years. After making observations on the nature of regional economic integration in East Asia, I will discuss the major drivers behind such development. In the discussions, I would like to argue that the major driver of regional economic integration in East Asia is changing from market forces to institutional factors. In the discussions, I would like to shed light on the role of Japan in these developments. Most of my discussions refer to the developments before the current global economic crisis 1 because of the data availability, but I would like to discuss briefly its impacts on East Asia and the implications for the future economic prospects of East Asia.
    [Show full text]
  • Has the World Trade Organization Promoted
    IS THE GROWTH OF REGIONALISM AS SIGNIFICANT AS THE HEADLINES SUGGEST? LESSONS FROM AGRICULTURAL TRADE CATPRN Working Paper 2012-06 October 2012 Jason H. Grant Department of Agricultural and Applied Economics Virginia Tech University http://www.catrade.org Funding for this project was provided by the Canadian Agricultural Trade Policy and Competitiveness Research Network (CATPRN) which in turn is funded by Agriculture and Agri-Food Canada. The views in this paper are those of the author and should not be attributed to the funding agencies. Abstract The proliferation of regional trade agreements (RTAs) has motivated a significant number of ex post econometric studies investigating their agricultural trade impacts. The general conclusion is that RTAs increase members’ trade by as much as 150 percent, on average. In this article, we demonstrate that previous empirical work likely misrepresents the impact of RTAs because of considerable heterogeneity in the depth of economic integration pursued by these agreements. Contrary to previous studies, the results reveal that RTAs are not universally trade creating, and some agreements appear to provide very little benefit. “Deep integration agreements”, on the other hand, are largely responsible for the impressive agricultural trade flow increases reported in the literature. Testing the hierarchy of RTAs largely confirms the theory: the benefits of regionalism are an increasing function of the depth of economic integration. Keywords: Agricultural trade, regional trade agreements, customs unions, free trade agreements, partial scope arrangements, gravity equation JEL Classification: F1, Q10 1. Introduction Regional trade agreements (RTAs) are not new, but many commentators agree that their importance in global trade is once again on the rise (Crawford and Fiorentino 2005; Fiorentino, Verdeja, and Toqueboeuf 2007).
    [Show full text]
  • Reforming the International Monetary and Financial Architecture
    INTERNATIONAL POLICY ANALYSIS Reforming the International Monetary and Financial Architecture JOSÉ ANTONIO OCAMPO August 2014 n The international monetary and financial architecture has experienced important re- forms in recent years, yet profound limitations remain. Major gaps in the regulatory framework concern financial cross-border regulation, debt management, macroeco- nomic coordination, monetary and governance reform. n The IMF continues to face a stigma for many borrowers and the World Bank’s un- der-capitalization implies that it is unlikely to play the very active role it did during the North-American financial crisis in terms of providing future counter-cyclical financing. n The present, elaborate system of macroeconomic policy coordination has not avoid- ed the creation of new global imbalances, the most important caused by surplus accumulation in the EU, rising deficits in a large group of emerging and developing countries, insufficient capital account regulations and a lack of sovereign debt work- out mechanisms. n International monetary reform should involve three elements: the design of an apex organization more representative than the G20, advanced participation of develop- ing countries in the Bretton Woods Institutions and on the Financial Stability Board, and the design of a multi-layered financial architecture, with active participation of regional and sub-regional institutions. JOSÉ ANTONIO OCAMPO | REFORMING THE INTErnationaL MONEtarY AND FINANCIAL ARCHITECTURE Table of Contents Introduction 2 1. Financial Regulation 2 2. Crisis Resolution 5 3. Macroeconomic Policy Cooperation and International Monetary Reform 10 4. Governance 16 5. Conclusions 17 References 19 This paper will also be published as the author’s contribution to the book prepared by the Committee of Development Policy (CDP), a subsidiary body of ECOSOC, on global governance and the United Nations development agenda beyond 2015.
    [Show full text]
  • Managing Capital Flows: the Case of Singapore
    Managing Capital Flows: The Case of Singapore Hwee Kwan Chow February 2008 ADB Institute Discussion Paper No. 86 Hwee Kwan Chow was commissioned by the ADBI to provide a country study of Singapore for the project Managing Capital Flows. She is a practice associate professor at the Singapore Management University, Singapore. The author thanks the participants at the Technical Workshop on Managing Capital Flows for helpful comments and suggestions that led to improvements in the report. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. ADBI’s discussion papers reflect initial ideas on a topic, and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each discussion paper (given in the citation below). Some discussion papers may develop into research papers or other forms of publication. This discussion paper is part of the “Managing Capital Flows: Search for a Model” project. Suggested citation: Chow, Hwee Kwan. 2008. Managing Capital Flows: The Case of Singapore. ADBI Discussion Paper 86. Tokyo: Asian Development Bank Institute. Available: http://www.adbi.org/discussion-paper/2008/02/21/2484.managing.capital.flows.singapore.case/ Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan Tel: +81-3-3593-5500 Fax: +81-3-3593-5571 URL: www.adbi.org E-mail: [email protected] © 2008 Asian Development Bank Institute ADBI Discussion Paper 86 Hwee Kwan Chow Abstract The resurgence of private capital inflows into Asia in recent years has raised the question of whether the region is susceptible to yet another financial crisis.
    [Show full text]