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

Hal Hill and Jayant Menon ()

No 395, ADBI Working Papers from Asian Development Bank Institute

Abstract: 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.

Keywords: financial safety nets; chiang mai initiative; asean+3; asia; asian monetary fund; imf (search for similar items in EconPapers)
JEL-codes: F32 F33 F34 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2012-11-12
New Economics Papers: this item is included in nep-cba, nep-cwa and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Related works:
Chapter: Financial safety nets in Asia: genesis, evolution, adequacy and way forward (2014)
Working Paper: Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward (2012)
Working Paper: Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward (2012)
Working Paper: Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward (2012)
Working Paper: Financial Safety Nets in Asia: Genesis, Evolution, Adequacy, and Way Forward (2012)
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