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Democracy, Sustainable Development, and PeaceNew Perspectives on South Asia$
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Akmal Hussain and Muchkund Dubey

Print publication date: 2013

Print ISBN-13: 9780198092346

Published to Oxford Scholarship Online: June 2014

DOI: 10.1093/acprof:oso/9780198092346.001.0001

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A Regional Financial Architecture for Sustaining Asia-Pacific’s Dynamism in the Post-crises World

A Regional Financial Architecture for Sustaining Asia-Pacific’s Dynamism in the Post-crises World

Chapter:
(p.437) 18 A Regional Financial Architecture for Sustaining Asia-Pacific’s Dynamism in the Post-crises World
Source:
Democracy, Sustainable Development, and Peace
Author(s):

Nagesh Kumar

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198092346.003.0018

In the post-crisis period the ability of the Asia Pacific region to sustain its growth rates has become uncertain given the subdued growth prospects of the advanced economies. Asia-Pacific will have to rely more on investment and consumption within the region for sustaining its growth rates. Closing the wide infrastructure and development gaps could help generate additional aggregate demand and help to foster inclusive growth. However the huge financing required for these investments cannot be done through the existing global institutional arrangements. The 6 trillion dollars in foreign exchange reserves of Asia-Pacific cannot be utilized in the region because of lack of a well-developed regional financial architecture. Developing such a regional financial framework could help in efficient intermediation between the region’s vast savings and the unmet investment needs. It could also help in bringing about development friendly reform of the international financial system.

Keywords:   Asia-Pacific, infrastructure, development, gaps, inclusive growth, intermediation, international financial system, regional financial architecture

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