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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S. Rajaratnam School of International Studies, Nanyang Technological University
2021
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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 |
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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 |
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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 |
_version_ |
1718368031125536768 |