Evolving global economic architecture : will we have a new Bretton Woods?

• Main Author: Rana, Pradumna B.
• Other Authors: S. Rajaratnam School of International Studies
• Format: Working Paper
• Language: English
• Published: 2011
• Subjects: DRNTU::Social sciences
• Online Access: https://hdl.handle.net/10356/90545; http://hdl.handle.net/10220/6509
• Institution: Nanyang Technological University

The Asian financial crisis (AFC) of 1997–1998 had led to calls for a “New International Financial Architecture” (NIFA) and discussions had focused on crisis prevention, management and resolution efforts. Similarly, the global economic crisis (GEC) of 2008–2009, which was expected to be the worst crisis since the Great Depression of the 1930s, also led to calls for a “New Bretton Woods” (NBW) system—a wider and a much more comprehensive set of reforms concerning the global governance system and international economic institutions (IEIs), similar to the remarkable 1944 Bretton Woods conference where the World Bank, the IMF and the GATT (the predecessor of the WTO) were established.