Chiang Mai Initiative Multilateralization: Origin, Development, and Outlook

Sussangkarn, Chalongphob

doi:10.1111/j.1748-3131.2011.01196.x

Cited by 64 publications

(46 citation statements)

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“…Sussangkarn (2011a) proposed that the IMF link be invoked not based on a percentage of a country's swap quota, but rather if a country needs to roll over the 90 day swap more than a certain predetermined number of times.…”

Section: An Integrated Crisis Prevention and Resolution Mechanism Formentioning

confidence: 99%

“…Only 10% of the swap amount can be accessed without being that would include all ASEAN countries, and a network of bilateral swap and repurchase agreement facilities among ASEAN countries, the PRC, Japan, and Korea (ASEAN+3 Finance Ministers 2000). 8 For more details on the development of the CMI and CMIM, see Sussangkarn (2011a). 9 The ASEAN Swap Arrangement (ASA) was established in 1977 by the central banks of the original ASEAN member countries (Indonesia, Malaysia, Philippines, Singapore, and Thailand) to provide short-term (1-6 months) liquidity assistance to members that might experience a temporary international liquidity problem.…”

Section: Building Up East Asian Regional Mechanisms: CMI and Cmimmentioning

confidence: 99%

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Prevention and Resolution of Foreign Exchange Crises in East Asia

Sussangkarn¹

2014

Reform of the International Monetary System

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu Terms of use: Documents in ADBI Working Paper Series Prevention and Resolution of Foreign Exchange Crises in East Asia Chalongphob SussangkarnNo. 363 June 2012 Asian Development Bank InstituteThe Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, the ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan AbstractThis paper discusses mechanisms to prevent and resolve foreign exchange crises in East Asia. Policies and mechanisms at the country level as well as regional and global levels are discussed. Policies at the level of a particular country to prevent foreign exchange crises include the management of short-term foreign currency liabilities, the adequacy of reserves, and managing episodes of rapid short-term capital inflows. The author discusses the development of regional mechanisms for crisis prevention and resolution in conjunction with the global mechanisms, including the Chiang Mai Initiative (CMI) and the Chiang Mai Initiative Multilateralization (CMIM). The author then suggests how the CMIM can evolve into an integrated crisis prevention and resolution mechanism for East Asia.

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Section: An Integrated Crisis Prevention and Resolution Mechanism Formentioning

confidence: 99%

Section: Building Up East Asian Regional Mechanisms: CMI and Cmimmentioning

confidence: 99%

Prevention and Resolution of Foreign Exchange Crises in East Asia

Sussangkarn¹

2014

Reform of the International Monetary System

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“…The CMIM is currently a USD240 billion self-managed reserve pooling mechanism that provides short-term swap facilities to countries in need. 46 Each economy's swap quota depends on its CMIM pool contribution, its level of development, and size. If a country requests to use more than 30% of its CMIM quota, the transaction must be linked to an IMF program; 47 thus, the IMF has the capacity to influence conditionality for most of the swaps conducted under this arrangement.…”

Section: Regional Forumsmentioning

confidence: 99%

The rise of the Global South, the IMF and the future of Law and Development

Garcı́a

2015

Third World Quarterly

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Following the onset of the Asian Financial Crisis the world has witnessed a re-accommodation of the global financial system. In the particular case of middle-income countries they have disentangled themselves from the conditionality of the IMF and grown into more assertive actors in international forums, proposing new alternative mechanisms to become more financially independent and for the provision of development assistance. This article critically reviews the new reality by assessing the strategies deployed by developing countries to reduce the IMF's influence, and explores the potential consequences of the rise of middle-income nations for Law and Development.

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“…(Sussangkarn, 2010). Sa création marque ainsi un tournant important dans l'histoire de l'ASEAN+3, qui ne compte toujours pas de secrétariat permanent.…”

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Propositions pour une « approche combinée » des processus d’intégration économique régionale

Figuière¹,

Guilhot²

2014

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Chiang Mai Initiative Multilateralization: Origin, Development, and Outlook

Cited by 64 publications

References 4 publications

Prevention and Resolution of Foreign Exchange Crises in East Asia

Prevention and Resolution of Foreign Exchange Crises in East Asia

The rise of the Global South, the IMF and the future of Law and Development

Propositions pour une « approche combinée » des processus d’intégration économique régionale

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