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Does East Asia Have Working Financial Safety Net?

dc.contributor.authorJayant Menon
dc.date.accessioned2015-04-28
dc.date.accessioned2015-04-29T14:32:45Z
dc.date.available2015-04-29T14:32:45Z
dc.date.issued2014-03-04
dc.identifier.urihttp://hdl.handle.net/11540/4266
dc.description.abstractFinancial safety nets in Asia have come a long way since the Asian financial crisis (AFC) of 1997/1998. With Asian countries not wanting to rely solely on the IMF again, the Chiang Mai Initiative (CMI) was created in 2000. When the CMI also proved inadequate following the global financial crisis, it was first multilateralized (CMIM), and then doubled in size to US$240bn, while the IMF de-linked portion was increased to 30 percent of the available country quotas. A surveillance unit, the ASEAN+3 Macroeconomic Research Office, was set up in 2001. These are impressive developments, but are they enough to make the CMIM workable? Without clear and rapid-response procedures to handle a fast-developing financial emergency, we argue that it is unlikely that the CMIM will be used even as a complement to the IMF. To serve as a stand-alone option, however, its size or the IMF de-linked portion of funds needs to be further increased, as does its membership, to add diversity. Only if the ASEAN+3 Macroeconomic Research Office can develop into an independent and credible surveillance authority would it then perhaps be in a position to lead the next rescue.
dc.languageEnglish
dc.publisherWiley
dc.titleDoes East Asia Have Working Financial Safety Net?
dc.typeJournals
dc.subject.expertEconomic Development
dc.subject.expertEconomic Infrastructure
dc.subject.expertEconomic Policies
dc.subject.expertRegional Economic Development
dc.subject.expertMicrofinance Programs
dc.subject.expertPublic Finance
dc.subject.expertLocal Financing
dc.subject.expertFinancial Stability
dc.subject.expertFinancial Sector Regulation
dc.subject.adbEnterprises
dc.subject.adbFinancial aid
dc.subject.adbEconomies in transition
dc.subject.adbLocal Finance
dc.subject.adbLocal Government
dc.subject.adbInsurance Companies
dc.subject.adbBanks
dc.subject.adbSocial Equity
dc.subject.naturalSocial responsibility of business
dc.subject.naturalAccounting
dc.subject.naturalPersonal budgets
dc.subject.naturalCost and standard of living
dc.subject.naturalBank accounts
dc.subject.naturalCredit control
dc.subject.naturalRegulatory reform
dc.subject.naturalBanks and banking
dc.title.seriesAsian Economic Journal
dc.title.volumeVol 28, Issue 1
dc.contributor.imprintWiley
oar.themeEconomics
oar.themeFinance
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-008040
oar.authorMenon, Jayant
oar.importtrue
oar.externallinkhttp://onlinelibrary.wiley.com/doi/10.1111/asej.12022/abstract
oar.googlescholar.linkpresenttrue


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