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Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward


  • Hill, Hal

    (Asian Development Bank Institute)

  • Menon, Jayant

    (Asian Development Bank Institute)


Financial safety nets in Asia have come a long way since the Asian Financial Crisis (AFC) of 1997–98. Not wanting to rely solely on the International Monetary Fund (IMF) again, the Chiang Mai Initiative (CMI) was created in 2000. When the CMI also proved inadequate following the Global Financial Crisis (GFC), it was first multilateralized (CMIM), and then doubled in size to $240 billion, while the IMF de-linked portion was increased to 30%. A surveillance unit, the Association for Southeast Asian Nations (ASEAN)+3 Macroeconomic Research Office (AMRO), was set-up in 2011. The authors assess whether these developments are sufficient to make the CMIM workable.

Suggested Citation

  • Hill, Hal & Menon, Jayant, 2012. "Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward," ADBI Working Papers 395, Asian Development Bank Institute.
  • Handle: RePEc:ris:adbiwp:0395

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    References listed on IDEAS

    1. Iwan J. Azis, 2012. "Asian Regional Financial Safety Nets? Don't Hold Your Breath," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 321-340, August.
    2. Mario Lamberte & Peter J. Morgan, 2012. "Regional and Global Monetary Cooperation," Finance Working Papers 23190, East Asian Bureau of Economic Research.
    3. Masahiro Kawai, 2010. "Reform Of The International Financial Architecture: An Asian Perspective," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 55(01), pages 207-242.
    4. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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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.
    2. Changyong Rhee & Lea Sumulong & Shahin Vallée, 2013. "Global and regional financial safety nets: lessons from Europe and Asia," Working Papers 801, Bruegel.

    More about this item


    financial safety nets; chiang mai initiative; asean+3; asia; asian monetary fund; imf;

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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