IDEAS home Printed from https://ideas.repec.org/a/bla/worlde/v28y2005i1p91-101.html
   My bibliography  Save this article

The Chiang Mai Initiative and Beyond

Author

Listed:
  • Yung Chul Park
  • Yunjong Wang

Abstract

More than three years have passed since the inception of the Chiang Mai Initiative (CMI) in May 2000. Although much progress has been made, the present structure of the CMI is still incomplete. The purpose of this paper is to provide a view on the current process and future prospects for regional financial and monetary cooperation in East Asia. Looking forward, the most realistic scenario is that the countries participating in the CMI will muddle through, continuously discussing modalities of policy dialogue, the types of the surveillance system the CMI needs, and also augmentation of swap amounts without making any substantial progress.

Suggested Citation

  • Yung Chul Park & Yunjong Wang, 2005. "The Chiang Mai Initiative and Beyond," The World Economy, Wiley Blackwell, vol. 28(1), pages 91-101, January.
    • Handle: RePEc:bla:worlde:v:28:y:2005:i:1:p:91-101
    DOI: 10.1111/j.1467-9701.2005.00618.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1467-9701.2005.00618.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1467-9701.2005.00618.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa68, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Callen, Michael & Imbs, Jean & Mauro, Paolo, 2015. "Pooling risk among countries," Journal of International Economics, Elsevier, vol. 96(1), pages 88-99.
    2. Adalbert Winkler, 2012. "The Financial Crisis: A Wake-up Call for Strengthening Regional Monitoring of Financial Markets and Regional Coordination of Financial Sector Policies?," Chapters, in: Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 7, Edward Elgar Publishing.
    3. Demyanyk, Yuliya & Volosovych, Vadym, 2008. "Gains from financial integration in the European Union: Evidence for new and old members," Journal of International Money and Finance, Elsevier, vol. 27(2), pages 277-294, March.
    4. Fan Zhang & Miaojie Yu & Jiantuo Yu & Yang Jin, 2017. "The Effect of RMB Internationalization on Belt and Road Initiative: Evidence from Bilateral Swap Agreements," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(12), pages 2845-2857, December.
    5. Petri, Peter & Thomas, Vinod, 2013. "Development Imperatives for the Asian Century," ADB Economics Working Paper Series 360, Asian Development Bank.
    6. Suman Basu & Ran Bi & Prakash Kannan, 2010. "Regional reserve pooling arrangements," Proceedings, Federal Reserve Bank of San Francisco, issue Oct.
    7. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
    8. Miaojie Yu, 2023. "Internationalisierung des RMB und Belt and Road Initiative," Springer Books, in: Handelskrieg und Handelsgespräche zwischen China und den USA, chapter 10, pages 157-173, Springer.
    9. Miaojie Yu, 2023. "Chinas Handelsentwicklung und die Gestaltung der Öffnungspolitik in den letzten vier Jahrzehnten," Springer Books, in: Handelskrieg und Handelsgespräche zwischen China und den USA, chapter 1, pages 3-22, Springer.
    10. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    11. Miaojie Yu, 2020. "China-US Trade War and Trade Talk," Springer Books, Springer, number 978-981-15-3785-1, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michael G. Plummer, 2012. "Regional Monitoring of Capital Flows and Coordination of Financial Regulation: Stakes and Options for Asia," Chapters, in: Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 8, Edward Elgar Publishing.
    2. Phillip Y. Lipscy, 2020. "How Do States Renegotiate International Institutions? Japan’s Renegotiation Diplomacy Since World War II," Global Policy, London School of Economics and Political Science, vol. 11(S3), pages 17-27, October.
    3. Robert B Kahn & Ellen E Meade, 2018. "International aspects of central banking: diplomacy and coordination," Chapters, in: Peter Conti-Brown & Rosa M. Lastra (ed.), Research Handbook on Central Banking, chapter 17, pages 333-364, Edward Elgar Publishing.
    4. Dilip K. Das, 2008. "South Asia's Integration with the Rest of Asia: a survey," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 22(1), pages 25-40, May.
    5. C. Randall Henning, 2017. "Avoiding Fragmentation of Global Financial Governance," Global Policy, London School of Economics and Political Science, vol. 8(1), pages 101-106, February.
    6. Göver, Zeki Tuğrul, 2018. "The Effects of the IMF’s Quota and Governance Reforms on Turkey," Bulletin of Economic Theory and Analysis, BETA Journals, vol. 3(1), pages 1-34, March.
    7. Julie McKay & Ulrich Volz & Regine Wölfinger, 2011. "Regional Financing Arrangements and the IMF," Chapters, in: Ulrich Volz (ed.), Regional Integration, Economic Development and Global Governance, chapter 10, Edward Elgar Publishing.
    8. Hamilton-Hart, Natasha, 2011. "Distribution, Domestic Politics and Monetary Cooperation in East Asia," ADBI Working Papers 332, Asian Development Bank Institute.
    9. Yeh Kuo-chun, 2009. "Will a Taiwan-China Monetary Union be Feasible? Lessons from Europe," Peace Economics, Peace Science, and Public Policy, De Gruyter, vol. 14(3), pages 1-36, March.
    10. Ramkishen Rajan & Reza Siregar & Graham Bird, 2003. "Examining the case for Reserve Pooling in East Asia: Empirical Analysis," Centre for International Economic Studies Working Papers 2003-23, University of Adelaide, Centre for International Economic Studies.
    11. Parsons, Craig & Richardson, J. David, 2004. "Lessons for Asia?: European experiences--in American perspective--in legitimizing market integration," Journal of Asian Economics, Elsevier, vol. 14(6), pages 885-907, January.
    12. Julie Gilson, 2012. "Regional leadership—Japanese style: Japan through the crisis," Asia Europe Journal, Springer, vol. 9(2), pages 211-223, March.
    13. McKay Julie & Volz Ulrich & Wölfinger Regine, 2011. "Regional Financing Arrangements and the Stability of the International Monetary System," Journal of Globalization and Development, De Gruyter, vol. 2(1), pages 1-33, August.
    14. Ulrich Volz, 2013. "Lessons of the European crisis for regional monetary and financial integration in East Asia," Asia Europe Journal, Springer, vol. 11(4), pages 355-376, December.
    15. Hamanaka, Shintaro, 2018. "Theorizing regional group formation : anatomy of regional institutions from a membership perspective," IDE Discussion Papers 683, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    16. Peter B. Kenen & Ellen E. Meade, 2006. "Monetary integration in East Asia," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
    17. Carlos Giraldo, 2018. "IMF–RFA collaboration: motives, state of play, and way forward A joint RFA staff proposal," Documentos de Discusión FLAR 19452, Fondo Latino Americano de Reservas - FLAR.
    18. Pomfret, Richard, 2005. "Sequencing trade and monetary integration: issues and application to Asia," Journal of Asian Economics, Elsevier, vol. 16(1), pages 105-124, February.
    19. Barry Eichengreen, 2012. "Regional Financial Arrangements and the International Monetary Fund," Finance Working Papers 23354, East Asian Bureau of Economic Research.
    20. Cheng, Gong & Lennkh, Rudolf Alvise, 2018. "RFAs' Financial Structures and Lending Capacities: a Statutory, Accounting and Credit Rating Perspective," MPRA Paper 95754, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:worlde:v:28:y:2005:i:1:p:91-101. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0378-5920 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.