Prevention and Resolution of Foreign Exchange Crises in East Asia

Chalongphob Sussangkarn
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Chalongphob Sussangkarn: Asian Development Bank Institute

No 363, ADBI Working Papers from Asian Development Bank Institute

Abstract: This paper discusses mechanisms to prevent and resolve foreign exchange crises in East Asia. Policies and mechanisms at the country level as well as regional and global levels are discussed. Policies at the level of a particular country to prevent foreign exchange crises include the management of short-term foreign currency liabilities, the adequacy of reserves, and managing episodes of rapid short-term capital inflows. The author discusses the development of regional mechanisms for crisis prevention and resolution in conjunction with the global mechanisms, including the Chiang Mai Initiative (CMI) and the Chiang Mai Initiative Multilateralization (CMIM). The author then suggests how the CMIM can evolve into an integrated crisis prevention and resolution mechanism for East Asia.

Keywords: foreign exchange crises; east asia; chiang mai initiative (search for similar items in EconPapers)
JEL-codes: E02 E44 E58 E63 F33 F36 F55 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2012-06-27
New Economics Papers: this item is included in nep-cwa, nep-mon and nep-sea
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Citations: View citations in EconPapers (1)

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