Complementarity Between Regional and Global Financial Governance Institutions: The Case of ASEAN+3 and the Global Financial Safety Net

Three decades of financial crises culminating in the global financial crisis have prompted the development of multilayered global financial governance. This article examines the relationship between the global and regional layers by analyzing the case of the global and ASEAN+3 financial safety nets. Making use of regime theory, we examine the evolution of the characteristics, main institutions, goals, and behavioral expectations of these two nets. The article argues that the ASEAN+3 regional financial safety net, which was mostly developed following the East Asian financial crisis of 1997, complements rather than undermines the global financial safety net Similar characteristics, goals, and behavioral expectations underpin this complementarity.