Enhancing the Effectiveness of CMIM and AMRO : Selected Immediate Challenges and Tasks
AbstractThe Chiang Mai Initiative Multilateralisation (CMIM) and the ASEAN+3 Macroeconomic Research Office (AMRO), established in March 2010 and May 2011, respectively, have made substantial headway. But despite the rapid progress, a series of fundamental questions have been raised, particularly about the size of the CMIM facility. Although CMIM funding was doubled to $240 billion, effective since May 2012, the swap amount has frequently been criticized as insufficient. Another fundamental issue that still needs to be agreed upon is the CMIMâ€™s role and how it fits in among existing regional and global financing facilities. AMROâ€™s surveillance work is seen as vital to the overall success of the CMIM in regional financial cooperation. As other multilateral institutions involved in surveillance work have experienced, effective surveillance to support regional financial cooperation is a complicated task, strewn with obstacles. The primary task of this paper is to suggest possible areas in which the effectiveness of the CMIM and AMRO may be increased, despite constraints and limitations.
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Bibliographic InfoPaper provided by East Asian Bureau of Economic Research in its series Governance Working Papers with number 23388.
Date of creation: Jan 2013
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CMIM; AMRO; Chiang Mai Initiative Multilateralization; ASEAN+3; regional financial cooperation;
Other versions of this item:
- Siregar, Reza & Chabchitrchaidol, Akkharaphol, 2013. "Enhancing the Effectiveness of CMIM and AMRO: Selected Immediate Challenges and Tasks," ADBI Working Papers 403, Asian Development Bank Institute.
- Reza Siregar & Akkharaphol Chabchitrchaidol, 2013. "Enhancing the Effectiveness of CMIM and AMRO : Selected Immediate Challenges and Tasks," Finance Working Papers 23388, East Asian Bureau of Economic Research.
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F15 - International Economics - - Trade - - - Economic Integration
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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- Barry Eichengreen & Pipat Luengnaruemitchai, 2004.
"Why Doesn't Asia Have Bigger Bond Markets?,"
NBER Working Papers
10576, National Bureau of Economic Research, Inc.
- Siregar, Reza & Miyaki, Keita, 2013. "Regional Financial Arrangement: An Impetus for Regional Policy Cooperation," MPRA Paper 51050, University Library of Munich, Germany.
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