동아시아 금융협력의 비전과 과제: CMIM 20년의 평가와 새로운 협력 방향 (East Asian Regional Financial Cooperation: Visions and Challenges)

본 연구는 2000년 치앙마이 이니셔티브 체결 이후 동아시아 역내 금융협력 20년의 성과를 살펴보고, 그 과정에서 나타난 문제의 해결방안을 모색하고자 한다. 아울러 중앙은행 디지털화폐를 통한 통화협력, 동북아 개발협력을 위한 동북아개발공사 설립, 중앙아시아와의 금융협력 추진 등 금융협력 추진방안을 새롭게 제시해본다. After the East Asian financial crisis in 1998, the need to strengthen financial cooperation, including liquidity support at the regional level, emerged. Accordingly, the Chiang Mai Initiative (CMI) was signed at the ASEAN+3 Finance Ministers' Meeting in 2000, and institutional efforts to strengthen regional financial cooperation have been continued for 20 years. The outcomes of this effort include the Chiang Mai Initiative Multilateralization (CMIM) and the Asian Bond Market Initiative (ABMI). However, it is difficult to find countries actively utilizing them. For example, even though the blockade caused by the spread of COVID-19 in 2020 led to a decline in economic activity and suffered instability in the foreign exchange market, none of the ASEAN+3 countries attempted to resolve market instability by using regional financial cooperation mechanisms. Under this circumstance, we try to find the reason for the poor use of CMIM. First of all, CMIM is linked to the International Monetary Fund, so it cannot be free from the sigma effect. The size of support is also small, as well as using the holding amount. (the rest omitted)