The Chiang Mai Initiative Multilateralization : Origin, Development and Outlook
AbstractThis paper discusses the Chiang Mai Initiative Multilateralization (CMIM); its origin, development and future outlook. It puts forward a number of proposals to make the liquidity support role of the CMIM more effective. It is further argued that the CMIM can bring about major changes to the policy institutional infrastructure of the East Asia region, particularly through the establishment of an Independent Surveillance Unit (ISU). The ISU can provide technical and secretariat support to financial cooperation processes in the region, which have thus far been driven by officials on a part-time basis. Consolidation of the main financial forums in the region is also proposed, specifically the Finance Minister Process and the Central Bank Process. Membership of these two processes should be expanded and unified, with the ISU providing technical and secretariat support. It is argued that regular policy meetings can be institutionalized and that this could enhance the role of East Asia in the global financial arena, whilst facilitating policy cooperation, with important regional and global implications.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by East Asian Bureau of Economic Research in its series Governance Working Papers with number 22821.
Date of creation: Jan 2010
Date of revision:
Contact details of provider:
Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org
More information through EDIRC
Chiang Mai Initiative Multilateralization; Independent Surveillance Unit; financial cooperation;
Find related papers by JEL classification:
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Huang Yiping, 2009. "Strategies for Asian Exchange Rate Policy Cooperation," EABER Working Papers 22858, East Asian Bureau of Economic Research.
- Peter J. Morgan & Mario Lamberte, 2012.
"Strengthening Financial Infrastructure,"
Finance Working Papers
23191, East Asian Bureau of Economic Research.
- 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.
- Volz, Ulrich, 2012. "Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia," ADBI Working Papers 347, Asian Development Bank Institute.
- Ulrich Volz, 2012. "Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia," Finance Working Papers 23189, East Asian Bureau of Economic Research.
- C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
- Joseph Joyce & Raul Razo-Garcia, 2011. "Reserves, quotas and the demand for international liquidity," The Review of International Organizations, Springer, vol. 6(3), pages 393-413, September.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shiro Armstrong).
If references are entirely missing, you can add them using this form.