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Message from ADB's President Contributors Acknowledgements Executive Summary and Recommendations Jeffrey D. Sachs, Masahiro Kawai, Jong-Wha Lee, and Wing Thye Woo Paper Summaries (full papers downloadable) International Monetary Advisory Group Global Financial Crisis, its Impact on India and the Policy Response Nirupam Bajpai To What Extent Should Capital Flows be Regulated? Maria Socorro Gochoco-Bautista The Case for a Further Global Coordinated Fiscal Stimulus Willem Buiter Managing a Multiple Reserve Currency World Barry Eichengreen From the Chiang Mai Initiative to an Asian Monetary Fund Masahiro Kawai An Asian Currency Unit for Asian Monetary Integration Masahiro Kawai The International Monetary System at a Crossroad Felipe Larrain B. Towards a New Global Reserve System Joseph Stiglitz A Realistic Vision of Asian Economic Integration Wing Thye Woo An Asian Monetary Unit? Charles Wyplosz Will US fiscal Deficits Undermine the Role of the Dollar as Global Reserve Currency? If So, Should US Fiscal Policy be geared to Preserving the International Role of the Dollar? Yongding Yu International Monetary Working Group International Reserves and Swap Lines: the Recent Experience Joshua Aizenman, Donghyun Park and Yothin Jinjarak The Future of the Global Reserve System Daniel Gros, Cinzia Alcidi, Anton Brender, and Florence Pisani Renminbi Policy and the Global Currency System Yiping Huang Will the Renminbi Emerge as an International Reserve Currency? Jong-Wha Lee Asia's Sovereign Wealth Funds and Reform of the Global Reserve System Donghyun Park and Andrew Rozanov Reforming International Monetary System Kanhaiya Singh Designing a Regional Surveillance Mechanism for East Asia: Lessons from IMF Surveillance Shinji Takagi

Acknowledgements

This collection of studies was prepared as part of the Asian Development Bank’s (ADB)’s Research and Development Technical Assistance project (RDTA) 7319, The Future Global Reserve System—An Asian Perspective. Under the overall guidance of Jong-Wha Lee, Chief Economist of ADB's Economics and Research Department, and Srinivasa Madhur, Senior Director of ADB's Office of Regional Economic Integration, the project was managed and coordinated by Lei Lei Song, with assistance from Donghyun Park. The two research teams under this project, the International Monetary Advisory Group (IMAG), and the International Monetary Working Group (IMWG), were led by Jeffrey Sachs and Jong-Wha Lee, respectively. Marthe Hinojales, Cindy Paladines and Juliette Li assisted in the administration and coordination of the project.

An inception workshop was conducted at Columbia University, New York, United States in September 2009, followed by another conference at Tokyo, Japan in March 2010 that was jointly organized with the Asian Development Bank Institute (ADBI). Josephine Duque-Comia, Ruby Grace Santiago, and the staff at the Earth Institute at Columbia University provided administrative and technical support in organizing the inception workshop. Doo Yong Yang, Yuzuru Nagai and the staff at the ADBI organized the Tokyo conference, with technical support from the Videoconference team of the ADB. The following experts provided valuable comments during the workshops: Charles Adams (National University of Singapore), Takatoshi Ito (University of Tokyo), and Wang Xianlei (China Center for International Economic Exchanges).