International Institutions and the Rise of Asia

Asia and the Pacific Policy Studies (APPS), Vol. 1, No. 3, pp. 455-469

15 Pages Posted: 2 Oct 2014

See all articles by Peter Drysdale

Peter Drysdale

Australian National University (ANU) - Crawford School of Public Policy

Sebastien Willis

Australian National University (ANU)

Date Written: August 21, 2014

Abstract

This article applies a game-theoretical analysis of institutions to the international institutional architecture, of which the G20 is treated as a central element. The article argues that international institutions such as the World Trade Organization or the International Monetary Fund are best understood as mechanisms for coordinating and supporting equilibria in repeated games played among policy-makers in the world's largest economies. The growth of the emerging economies, particularly in Asia, has altered these games, and there is no guarantee, with these new entrants and new issues that have emerged, that the old equilibrium strategies are still viable. The G20, it is argued, is best understood as an attempt to respond to this change and coordinate play on a new set of globally welfare-enhancing equilibria in these games.

Suggested Citation

Drysdale, Peter and Willis, Sebastien, International Institutions and the Rise of Asia (August 21, 2014). Asia and the Pacific Policy Studies (APPS), Vol. 1, No. 3, pp. 455-469, Available at SSRN: https://ssrn.com/abstract=2504368

Peter Drysdale (Contact Author)

Australian National University (ANU) - Crawford School of Public Policy ( email )

Crawford Building
J.G. Crawford Building, #132, Lennox Crossing
Canberra, Australian Capital Territory 0200
Australia

Sebastien Willis

Australian National University (ANU) ( email )

Canberra, Australian Capital Territory 2601
Australia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
21
Abstract Views
320
PlumX Metrics