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Asian Regional Financial Safety Nets? Don't Hold Your Breath

Iwan Azis ()

Public Policy Review, 2012, vol. 8, issue 3, 321-340

Abstract: By conjecturing that efforts to prevent and manage a crisis are the essence of providing financial safety nets, I argue that such efforts made by the ASEAN+3 officials especially in the provision of liquidity support during a crisis are far from adequate. The event of Lehman collapse in the fall of 2008 could be a game-changer in the global financial market, making the probability of a financial contagion higher than ever before. Even with improved financial conditions and stronger regulations in ASEAN+3 members, contagion can and will still strike. Making the CMIM more effective is therefore urgently needed.

Date: 2012
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