The Comparative Political Economy of Asian Infrastructure Investment Bank’s Development: An Analysis of Neo-Institutionalism

• Main Authors: Hui-JuChen, 陳蕙如
• Other Authors: Jenn-Jaw Soong
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/gc5sk3

碩士 === 國立成功大學 === 政治經濟研究所 === 104 === The situation of China’s reform and economic rise has gradually affected the on going restructuring of Asian’s political and economic order. In 2013, China initially proposed the creation of an Asian Infrastructure Investment Bank (AIIB) under the “One Belt One Road” strategy, and immediately attracted international attention. This paper’s purpose, in this context, is to research and compare AIIB with existing international financial systems: IMF, WB and ADB in a political and economic research. In this paper, it discusses why the AIIB was created with emperical evidence, and why AIIB is paid close attention by the international communities. In research methods, the analytical tools are “condition”, ”Choice”, and “innovation” mechanisms which reconstructed the Neo-Institutionalism approach on the domestic, the international, and on the regional level. On the domestic level, the results found that China's macroeconomic policies limited China’s industrial development and has resulted in excess capacity. The AIIB is chosen as the policy for outputting excess capacity and reaching the target of the internationalization of Renminbi. It demonstrates the development of AIIB as going from “strong economy - weak institution” toward “strong economy - strong institution”. The AIIB is considered as “institutional innovation” which becomes the latest expectation of rescuing global economy crisis. On the international level, the IMF and WB have had restricted power on the voting system and the organization's governance, but the U.S. Congress has finally approved the quota and governance reforms since the loss of “Nash Equilibrium”. However because the United States expects to reduce the isolation of risks on the international community and also hopes China to comply more with the US-led institutions and rules, the IMF agrees SDR to include RMB. On the other hand, for the development of RMB’s internationalization and stable operation of the AIIB, China chose to adapt to the international financial environment. In order to avoid from taking the similarities of the IMF and WB, the locking in the path dependence, the AIIB has several innovative designs that are the shares and voting rights of member states protecting specific rights within the region, stressing cooperation with members and international organizations, and as well as an “international bank”. On the regional level, the establishment and operation of ADB have also constrained by the WB with isomorphic characteristics. Due to China’s and the ADB long existing “dependent – cooperative” relationship, in order to maintain the stable development of the relationship, it seems unlikely that the establishment of the AIIB to substantial adjust the relation with ADB. To create increasing returns, the AIIB announced that billing currency is going to use U.S. dollars. The AIIB as financial backing strategy of OBOR will impact the development of the Asia-Pacific infrastructure. Finally, so far the establishment of AIIB has caused three kinds of dynamics that are the dynamics of reform, the dynamics of innovation, and the dynamics of hybrid on the IMF, WB, and ADB.