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 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. 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 Asian Development Bank Institute in its series ADBI Working Papers with number 403.
Length: 25 pages
Date of creation: 20 Jan 2013
Date of revision:
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cmim; amro; swap; surveillance; bilateral; multilateral; conditionalities;
Other versions of this item:
- Reza Siregar & Akkharaphol Chabchitrchaidol, 2013. "Enhancing the Effectiveness of CMIM and AMRO : Selected Immediate Challenges and Tasks," Governance Working Papers 23388, East Asian Bureau of Economic Research.
- 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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