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

Abstract

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.