The Chiang Mai Initiative Multilateralization: Origin, Development and Outlook

Chalongphob Sussangkarn
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Chalongphob Sussangkarn: Asian Development Bank Institute

Governance Working Papers from East Asian Bureau of Economic Research

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 the East Asia region, 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: Chiang Mai Initiative Multilateralization; Independent Surveillance Unit; financial cooperation (search for similar items in EconPapers)
JEL-codes: E02 E44 F33 F36 F42 F55 G15 (search for similar items in EconPapers)
Date: 2010-01
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Citations: View citations in EconPapers (23)

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