Network Effect,Integration Level and International Institutional Deference
Why do new international institutions created by rising powers exhibit notable differences in their degree of international institutional deference to existing international institutions?This paper argues that the network effects of the issue area of the new interna-tional institutions and the level of integration of rising powers into existing international institutions jointly influence the degree to which new institutions defer to existing ones.In financial safety nets where network effects are strong,China's deep integration into the International Monetary Fund resulted in the institutional deference of the Chiang Mai Initia-tive Multilateralism.Regarding outer space technology cooperation where network effects are relatively weak,China's deep integration into the existing institutions made the Asia-Pacific Space Cooperation Organization partially in deference to the existing institutions represented by the Outer Space Treaty.However,in the area of cross-border digital payment where net-work effects are relatively weak,China's superficial integration led to the deference of Pro-ject mBridge to the digital currency program across borders headed by the Society for World-wide Interbank Financial Telecommunication.
international institutional deferencenew international institutionsexisting international institutionsnetwork effectintegration level
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