The politics of East Asian financial agreement : the case of the CMIM

After the Asian Financial Crisis of 1997–8 (AFC), East Asia witnessed an unprecedented degree of regional financial cooperation. The East Asian states’ realisation of their economic vulnerabilities and aversion towards assistance from the International Monetary Fund (IMF) invigorated the policym...

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Main Author: Pitakdumrongkit, Kaewkamol Karen
Other Authors: T. Kikuchi
Format: Book Chapter
Language:English
Published: S. Rajaratnam School of International Studies, Nanyang Technological University 2021
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Online Access:https://think-asia.org/handle/11540/10008
https://hdl.handle.net/10356/153182
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Institution: Nanyang Technological University
Language: English
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spelling sg-ntu-dr.10356-1531822021-11-11T05:09:53Z The politics of East Asian financial agreement : the case of the CMIM Pitakdumrongkit, Kaewkamol Karen T. Kikuchi M. Sakuragawa S. Rajaratnam School of International Studies Social sciences::Political science Social sciences::Economic development International Political Economy Regional Finanical Cooperation After the Asian Financial Crisis of 1997–8 (AFC), East Asia witnessed an unprecedented degree of regional financial cooperation. The East Asian states’ realisation of their economic vulnerabilities and aversion towards assistance from the International Monetary Fund (IMF) invigorated the policymakers to deepen financial regionalism.40 Several ideas were proposed, including the stillborn Asian Monetary Fund (AMF). While the AMF proposal was rebuffed by the United States and IMF, the idea of a regional funding mechanism continued to be examined.41 In 2000, the ASEAN+3 financial cooperation process was set up, which has formulated several regional financial governance architectures in the areas of reserves-sharing, which were later formalised as the Chiang Mai Initiative Multilateralisation (CMIM), capital market development (Asian Bond Markets Initiative or ABMI for short), and surveillance mechanisms (Economic Review and Policy Dialogue or ERPD, for short, and the ASEAN+3 Macroeconomic Research Office or AMRO, for short). 2021-11-11T05:03:31Z 2021-11-11T05:03:31Z 2019 Book Chapter Pitakdumrongkit, K. K. (2019). The politics of East Asian financial agreement : the case of the CMIM. T. Kikuchi & M. Sakuragawa (Eds.), Financial Cooperation in East Asia (pp. 65-71). S. Rajaratnam School of International Studies, Nanyang Technological University. https://hdl.handle.net/10356/153182 978-981-14-1134-2 https://think-asia.org/handle/11540/10008 https://hdl.handle.net/10356/153182 65 71 en Financial Cooperation in East Asia © 2019 The Author. All rights reserved. S. Rajaratnam School of International Studies, Nanyang Technological University
institution Nanyang Technological University
building NTU Library
continent Asia
country Singapore
Singapore
content_provider NTU Library
collection DR-NTU
language English
topic Social sciences::Political science
Social sciences::Economic development
International Political Economy
Regional Finanical Cooperation
spellingShingle Social sciences::Political science
Social sciences::Economic development
International Political Economy
Regional Finanical Cooperation
Pitakdumrongkit, Kaewkamol Karen
The politics of East Asian financial agreement : the case of the CMIM
description After the Asian Financial Crisis of 1997–8 (AFC), East Asia witnessed an unprecedented degree of regional financial cooperation. The East Asian states’ realisation of their economic vulnerabilities and aversion towards assistance from the International Monetary Fund (IMF) invigorated the policymakers to deepen financial regionalism.40 Several ideas were proposed, including the stillborn Asian Monetary Fund (AMF). While the AMF proposal was rebuffed by the United States and IMF, the idea of a regional funding mechanism continued to be examined.41 In 2000, the ASEAN+3 financial cooperation process was set up, which has formulated several regional financial governance architectures in the areas of reserves-sharing, which were later formalised as the Chiang Mai Initiative Multilateralisation (CMIM), capital market development (Asian Bond Markets Initiative or ABMI for short), and surveillance mechanisms (Economic Review and Policy Dialogue or ERPD, for short, and the ASEAN+3 Macroeconomic Research Office or AMRO, for short).
author2 T. Kikuchi
author_facet T. Kikuchi
Pitakdumrongkit, Kaewkamol Karen
format Book Chapter
author Pitakdumrongkit, Kaewkamol Karen
author_sort Pitakdumrongkit, Kaewkamol Karen
title The politics of East Asian financial agreement : the case of the CMIM
title_short The politics of East Asian financial agreement : the case of the CMIM
title_full The politics of East Asian financial agreement : the case of the CMIM
title_fullStr The politics of East Asian financial agreement : the case of the CMIM
title_full_unstemmed The politics of East Asian financial agreement : the case of the CMIM
title_sort politics of east asian financial agreement : the case of the cmim
publisher S. Rajaratnam School of International Studies, Nanyang Technological University
publishDate 2021
url https://think-asia.org/handle/11540/10008
https://hdl.handle.net/10356/153182
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