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    Effectiveness of Regional Mechanisms for Multilateral and Regional Governance

    Chutikamoltham, Siriwan | April 2017
    Abstract
    The Asian Financial Crisis of 1997–1998 revealed that Asia should have its own regional mechanism to mitigate systemic risk and crisis contagion. This resulted in the formation of several regional organizations, such as the Association of Southeast Asian Nations, the People’s Republic of China, Japan, and the Republic of Korea (ASEAN+3) Macroeconomic Research Office (AMRO) whose work supports regional macroprudential schemes and which provides macroprudential surveillance and assistance in financial crisis resolution. Given its small size and lack of authority to enforce its policy recommendations, AMRO is not in a position to replace the dominance of international organizations with more ample resources in resolving financial crises. AMRO can be more effective in early warning than in crisis resolution. Its work should be supported and expanded, while increasing coordination with other international organizations to strengthen the macroprudential ability of the Asian region. The Southeast Asian Central Banks Research and Training Centre (SEACEN) provides training to central bankers, research on central banking, and fosters networking among members. Its work contributes indirectly to macroprudential schemes through upgrading the capabilities and relationships of members’ central banking staff. SEACEN can become more effective if it streamlines its work focus and collaborates more with other organizations. The Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) organizes meetings for governors and deputy governors of its members’ central banks in order to dialogue and exchange ideas. These meetings have indirect and long-term benefits as they help to enhance regional macroprudential schemes by fostering relationships and interactions among the top decision makers. EMEAP may become more effective and prominent if it makes its work and plans more transparent. In addition, several other high-level meetings such as ASEAN+3 Finance Ministers and Central Bank Governors’ Meeting, Asia-Pacific Economic Cooperation and Asia–Europe Meeting provide opportunities for policy dialogues for their members, which indirectly enhance their macroprudential efforts. But, due to the nature of the work objectives, and/or relatively small sizes of these regional organizations, they should be viewed as useful supplements to existing international organizations rather than their replacements.
    Citation
    Chutikamoltham, Siriwan. 2017. Effectiveness of Regional Mechanisms for Multilateral and Regional Governance. © Asian Development Bank Institute. http://hdl.handle.net/11540/7297.
    Keywords
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Foreign and Domestic Financing
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/7297
    Metadata
    Show full item record
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    adbi-wp719.pdf (634.9Kb)
    Author
    Chutikamoltham, Siriwan
    Theme
    Finance
    Economics

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise