Analyzing Regional Financial Governance

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The broad professional background Dr. Injoo Sohn's in Asian regionalism and his participation of consultancy in the G-24 made him expand his understanding on the legitimacy in Global Financial Governance. In his journal article, Sohn stresses that, regarding the problems of legitimacy in global financial governance, Asian countries have opted to create their own regional financial governance instruments.

In accordance with the Sohn, the IMF decisionmaking is managed by G-7 countries which pursue their own interests. After the Asian financial crisis, the International Monetary Fund IMF gave G-7's medicine that worked out before for Latin American countries; however Asian economies needed different approaches to stabilize their economy. For instance, Thailand, Indonesia and South Korea were asked to increase their interest rates and reduce expenditures. This medicine provoked painful reactions such as high rates of unemployment. Therefore, Asian countries claimed for inclusiveness in the global financial decision-making where only G-7 countries have access to. Nevertheless, only the ...

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