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Enhancing the Effectiveness of CMIM and AMRO : Selected Immediate Challenges and Tasks

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  • Reza Siregar

    (Asian Development Bank Institute (ADBI))

  • Akkharaphol Chabchitrchaidol

Abstract

The 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 CMIM’s role and how it fits in among existing regional and global financing facilities. AMRO’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 Info

Paper provided by East Asian Bureau of Economic Research in its series Governance Working Papers with number 23388.

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Date of creation: Jan 2013
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Handle: RePEc:eab:govern:23388

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Keywords: CMIM; AMRO; Chiang Mai Initiative Multilateralization; ASEAN+3; regional financial cooperation;

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  1. Barry Eichengreen & Pipat Luengnaruemitchai, 2006. "Why doesn’t Asia have bigger bond markets?," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 40-77 Bank for International Settlements.
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Cited by:
  1. 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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