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    From the Chiang Mai Initiative to an Asian Monetary Fund

    Kawai, Masahiro | May 2015
    Abstract
    Following the 1997–1998 Asian financial crisis, financial authorities in ASEAN+3 embarked on several new initiatives for East Asia’s financial cooperation, including: (i) regional economic surveillance led by the Economic Review and Policy Dialogue (ERPD); (ii) a regional liquidity support facility, called the Chiang Mai Initiative (CMI); and (iii) local-currency bond market development. The global financial crisis of 2007–2009 demonstrated the need to further strengthen East Asian financial cooperation. This paper summarizes and evaluates the progress of regional financial cooperation, particularly the ERPD, the CMI and its subsequent multilateralization (CMIM), and the ASEAN+3 Macroeconomic Research Office (AMRO). It identifies the challenges in strengthening the CMIM, ERPD, and AMRO and suggests that the CMIM and AMRO be transformed into an Asian monetary fund (AMF). The paper argues that for an AMF to emerge, ASEAN+3 authorities need to: (i) contribute part of their foreign exchange reserves to the fund; (ii) establish a secretariat in charge of all aspects of the CMIM, including its activation; and (iii) delink the CMIM from the International Monetary Fund (IMF) programs by upgrading their capacity to conduct regional surveillance, formulate independent conditionality associated with crisis lending, and monitor policy and economic performance. In the transition period, eligible member countries should be allowed to have more flexible access to the CMIM facility. The CMIM and AMRO should work with the IMF to promote East Asian financial stability, but at the same time the IMF needs to undertake significant operational and governance reforms so that it regains the trust of emerging economy members in the region.
    Citation
    Kawai, Masahiro. 2015. From the Chiang Mai Initiative to an Asian Monetary Fund. © Asian Development Bank Institute. http://hdl.handle.net/11540/9645.
    Keywords
    Regional Development Finance
    Public Scrutiny of City Finances
    Non-Bank Financial Institutions
    Local Government Finance
    Government Financial Institutions
    Foreign and Domestic Financing
    Financial Risk Management
    Assessing Corporate Governance
    Good Governance
    Governance Approach
    Finance
    Public Finance
    Governance
    National Budget
    Budgetary Policy
    Educational Budget
    Public Financial Management
    Financial System
    Financial Statistics
    Public Accounting
    Business Financing
    Subsidies
    Social Equity
    Economic Equity
    Project Risks
    Project Impact
    Public Administration
    Corporations
    Taxation
    Public Debt
    Local Government
    Debt Management
    Corporate debt
    Taxation
    Public Accounting
    National Budget
    Municipal Bonds
    Local Government
    Taxation
    Public Debt
    Local Government
    Debt Management
    Pension Funds
    Mutual Funds
    Social Equity
    Financial Aspects
    Fiscal Policy
    Investment Requirements
    Banks
    |Taxing power
    Tax administration and procedure
    Tax policy
    Effect of taxation on labor supply
    Decentralization in government
    Community power
    Corporate divestment
    Civil government
    Delegation of powers
    Equality
    Neighborhood government
    Subnational governments
    Delivery of government services
    Local taxation
    Options
    Government
    Local government
    Taxation
    Employee pension trusts
    Investment management
    Investments
    Multiemployer pension plans
    Keogh plans
    Individual retirement accounts
    Pension plans
    Employee pension trusts
    Pension trusts
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/9645
    Metadata
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    Author
    Kawai, Masahiro
    Theme
    Finance
    Governance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise