The Chiang Mai Initiative Multilateralization: Origin, Development and Outlook

Chalongphob Sussangkarn
Additional contact information
Chalongphob Sussangkarn: Asian Development Bank Institute

No 230, ADBI Working Papers from Asian Development Bank Institute

Abstract: This paper discusses the Chiang Mai Initiative Multilateralization (CMIM); its origin, development and future outlook. It puts forward a number of proposals to make the liquidity support role of the CMIM more effective. It is further argued that the CMIM can bring about major changes to the policy institutional infrastructure of East Asia, particularly through the establishment of an Independent Surveillance Unit (ISU). The ISU can provide technical and secretariat support to financial cooperation processes in the region, which have thus far been driven by officials on a part-time basis. Consolidation of the main financial forums in the region is also proposed, specifically the Finance Minister Process and the Central Bank Process. Membership of these two processes should be expanded and unified, with the ISU providing technical and secretariat support. It is argued that regular policy meetings can be institutionalized and that this could enhance the role of East Asia in the global financial arena, whilst facilitating policy cooperation, with important regional and global implications.

Keywords: asian financial cooperation; asian policy cooperation; asian institutional infrastructure (search for similar items in EconPapers)
JEL-codes: E02 E44 F33 F36 F42 F55 G15 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2010-07-12
New Economics Papers: this item is included in nep-mac and nep-sea
References: View complete reference list from CitEc
Citations: View citations in EconPapers (23)

Downloads: (external link)
http://www.adbi.org/files/2010.07.13.wp230.chiang. ... tilateralisation.pdf Full text (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden (http://www.adbi.org/files/2010.07.13.wp230.chiang.mai.initiative.multilateralisation.pdf [302 Moved Temporarily]--> https://www.adbi.org/files/2010.07.13.wp230.chiang.mai.initiative.multilateralisation.pdf [302 Moved Temporarily]--> https://www.adb.org/adbi/files/2010.07.13.wp230.chiang.mai.initiative.multilateralisation.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:adbiwp:0230

Access Statistics for this paper

More papers in ADBI Working Papers from Asian Development Bank Institute Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan. Contact information at EDIRC.
Bibliographic data for series maintained by ADB Institute ().