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The Chiang Mai Initiative Multilateralization : Origin, Development and Outlook

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  • Chalongphob Sussangkarn

    (Asian Development Bank Institute)

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    Abstract

    This 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.

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    File URL: http://saber.eaber.org/node/22821
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    Bibliographic Info

    Paper provided by East Asian Bureau of Economic Research in its series Governance Working Papers with number 22821.

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    Date of creation: Jan 2010
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    Handle: RePEc:eab:govern:22821

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    Related research

    Keywords: Chiang Mai Initiative Multilateralization; Independent Surveillance Unit; financial cooperation;

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    References

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    1. Huang Yiping, 2009. "Strategies for Asian Exchange Rate Policy Cooperation," EABER Working Papers 22858, East Asian Bureau of Economic Research.
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    Cited by:
    1. Peter J. Morgan & Mario Lamberte, 2012. "Strengthening Financial Infrastructure," Finance Working Papers 23191, East Asian Bureau of Economic Research.
    2. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
    3. 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.
    4. 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.

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