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China's Strategies Towards Institutional Reform: Creation of the AIIB and Its Development Success

Year 2019, , 151 - 171, 30.08.2019
https://doi.org/10.30784/epfad.560715

Abstract

While existing studies largely focus on the
implications of China-led new multilateral institutions to international order,
the question of underlying reasons for the establishment of those institutions
and their future development success have received less attention. China
s strategies towards institutional reform are mainly based on its
dissatiffaction with asymmetrical distributional gains within existing
multilateral institutions such as World Bank and International Monetary Fund (IMF).
By using bargaining theory in international relations, this article contributes
to explain the main conditions and mechanisms of the creation of Asian
Infrasturucture Investment Bank (AIIB). In creating AIIB, China aims to
increase its bargaining leverage which provides itself direct and indirect
benefits vis-a-vis the costs emanating from intensified strategic competition
with the US. Thus, it is argued that China
s expectation of success reinforced by direct
and indirect benefits for the development of AIIB reflects both the significant
motivations underpinning its creation and also the possibility of extended
institutional reform into other multilateral regimes. Within the context of
power transition, the political bargaining process in reforming existing
multilateral regimes is likely to be shaped by the tension between
minilateralist strategies of rising powers and truly multilateral operations
within newly emerging financial regime.

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Çin’in Kurumsal Reforma Yönelik Stratejileri: AAYB’nin Kuruluşu ve Gelişimindeki Başarı

Year 2019, , 151 - 171, 30.08.2019
https://doi.org/10.30784/epfad.560715

Abstract

Mevcut
çalışmaların pek çoğu Çinin liderlik ettiği yeni çok taraflı kurumların uluslararası düzen üzerinde yaratacağı etkilere odaklanırken, bu kurumların kuruluşunun altında yatan nedenler ve gelişimlerinde gösterdikleri başarı konusu yeterince dikkate alınmamaktadır. Çinin kurumsal reforma yönelik stratejileri en temelde
D
ünya
Bankas
ı
ve
İMF
gibi mevcut
çok
tarafl
ı
kurumlarda var olan asimetrik da
ğılımsal kazanımlardan duyduğu hoşnutsuzluğa dayanmaktadır. Bu makale uluslararası ilişkilerde pazarlık teorisinden faydalanarak
Asya Altyap
ı
ve Yat
ırım Bankası (AAYB)nın kurulmasında etkili olan ana koşulların ve mekanizmaların açıklanmasına katkı sunmaktadır. Çin, AAYBnin kurulmasına öncülük ederek ABD ile yoğunlaşan stratejik rekabetinden
kaynaklanan maliyetler kar
şısında kendisine doğrudan ve dolaylı faydalar sağlayarak pazarlık gücünü artırmayı amaçlamaktadır. Çinin edindiği doğrudan ve dolaylı faydalarla pekişen başarı beklentisi, AAYBnin kuruluşunun altında yatan ana motivasyonları yansıttığı gibi diğer çok taraflı rejimleri de içine alan daha kapsamlı bir kurumsal reform
ihtimalini de g
ündeme getirmektedir. Ancak, güç geçişi bağlamında mevcut çok taraflı kurumların reforme edilmesinde yaşanan politik pazarlık sürecinin, yükselen güçlerin mini taraflı stratejileri ile hakiki çok taraflı uygulamalar arasında var olan gerilime dayalı olarak şekillenmesi kuvvetle
muhtemeldir.

References

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  • Etzioni, A. (2016). The Asian infrastructure investment bank: A case study of multifaceted containment. Asian Perspective, 40(2), 173-196. doi: 10.1353/apr.2016.0008
  • Fearon, James D. (1995). Rationalist explanations for war. International Organization, 49(3), 379-414. Retrieved from www.jstor.org
  • Frankel J. (2014, 29 January). IMF reform and isolationism in the US Congress. East Asia Forum. Retrieved from https://www.eastasiaforum.org/2014/01/29/imf-reform-and-isolationism-in-the-us-congress/
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  • Hamanaka, S. (2016). Insights to great powers’ desire to establish institutions: Comparison of ADB, AMF, AMRO and AIIB. Global Policy, 7(2), 288-292. https://doi.org/10.1111/1758-5899.12304
  • He, K. (2015). Contested regional orders and institutional balancing in the Asia Pacific. International Politics, 52(2), 208-222. https://doi.org/10.1057/ip.2014.46
  • Heilmann S., Rudolf, M., Huotari, M., & Buckow, J. (2014). China’s shadow foreign policy: Parallel structure challenge the established international order. MERICS China Monitor, 18. Retrieved from https://www.merics.org/sites/default/files/2018-01/China_Monitor_18_Shadow_Foreign_ Policy_ EN.pdf
  • Hirschman, Albert O. (1970). Exit, voice and loyalty: Responses to decline in firms, organizations, and states. Harvard: Harvard University Press.
  • Hu, X. (2008). A competitive edge. China Security, 4(3), 26-27.
  • Huotari, M., & Hanemann, T. (2014). Emerging powers and change in the global financial order. Global Policy, 5(3), 298-310. https://doi.org/10.1111/1758-5899.12133
  • Huotari, M., & Heep S. (2016). Learning geoeconomics: China’s experimental financial and monetary initiatives. Asia Europe Journal, 14(2), 153-171. doi: 10.1007/s10308-015-0444-8
  • Ikenberry, J. (2001). After victory: Institutions, strategic restrain, and the rebuilding of order after major wars. Princeton: Princeton University Press.
  • International Monetary Fund. (2010, 31 October). IMF quota and governance reform elements of an agreement. Retrieved from https://www.imf.org/external/np/pp/eng/2010/103110.pdf
  • International Monetary Fund. (2017, 24 April). Acceptances of the proposed amendment of the articles of agreement on reform of the executive board and consents to 2010 quota increase. Retrieved from https://www.imf.org/external/np/sec/misc/consents.htm
  • Jiang, Y. (2010). Response and responsibility: China in East Asian financial cooperation. The Pacific Review, 23(5), 603-623. https://doi.org/10.1080/09512748.2010.521850
  • Jisi, W. (2015, 2 February). China in the middle. The American Interest, 10(4). Retrieved from https://www.the-american-interest.com/2015/02/02/china-in-the-middle/
  • Jupille, J., & Snidal, D. (2006). The choice of international institutions: Cooperation, alternatives and strategies (Working Paper). Washington: University of Chicago.
  • Kamal, R., & Gallagher K. (2016, 5 April). China goes global with development banks. Bretton Woods Project. Retrieved from https://www.brettonwoodsproject.org/wp-content/uploads/2016/04/At-Issue-China-goes-global-with-development-banks.pdf
  • Kastner, Scott L., Pearson, Margaret M., & Rector, C. (2016). Invest, hold up, or accept? China in multilateral governance. Security Studies, 25(1), 142-179. https://doi.org/10.1080/096364 12.2016.1134193
  • Koh, G. (2015, 1 Sptember). Exclusive: China’s AIIB to offer with fewer strings attached-sources. Reuters. Retrieved from https://www.reuters.com/article/us-aiib-china-loans/exclusive-chinas-aiib-to-offer-loans-with-fewer-strings-attached-sources-idUSKCN0R14UB20150901
  • Koremenos, B. (2005). Contracting around international uncertainty. The American Political Science Review, 99(4), 549-565. Retrieved from www.jstor.org
  • Krasner Stephen D. (1991). Global communications and national power: Life on the pareto frontier. World Politics, 43(3), 336-366. doi: 10.2307/2010398
  • Liao, R. (2015, 27 July). Out of the Bretton Woods: How the AIIB is different. Foreign Affairs. Retrieved from https://www.foreignaffairs.com/articles/asia/2015-07-27/out-bretton-woods
  • Liberthal, Kenneth G., & Jisi W. (2012, 30 March). Addressing US-China strategic distrust. Brooking Institute. Retrieved from https://www.brookings.edu/wp-content/uploads/2016/06/03 30_china_lieberthal.pdf
  • Lim, Daniel Yew M., & Vreeland, James R. (2013). Regional organizations and international politics: Japanese influence over the Asian Development Bank and the UN Security Council. World Politics, 65(1), 34-72. https://doi.org/10.1017/S004388711200024X
  • Mainland Welcomes Taiwan Joining AIIB with Proper Identity. (2015, 13 April). Chinadaily. Retrieved from http://www.chinadaily.com.cn/business/2015-04/13/content_20421371.htm
  • Mansfield, E.D. (1995). International institutions and economic sanctions. World Politics, 47(4), 575-605. https://doi.org/10.1017/S0043887100015227
  • Matsuda, Y. (2014, April). How to understand China’s assertiveness since 2009: Hypotheses and policy implicatons. Washington: Center for Strategic and International Studies.
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There are 76 citations in total.

Details

Primary Language English
Subjects Economics, Political Science
Journal Section Makaleler
Authors

Mustafa Tüter 0000-0002-7074-4668

Publication Date August 30, 2019
Acceptance Date July 17, 2019
Published in Issue Year 2019

Cite

APA Tüter, M. (2019). China’s Strategies Towards Institutional Reform: Creation of the AIIB and Its Development Success. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 4(2), 151-171. https://doi.org/10.30784/epfad.560715