Eurasia Review
10 April 2018
- RSIS
- Media Mentions
- East Asian Financial Safety Net: The Problem Of Leadership – Analysis
East Asian Financial Safety Net: The Problem Of Leadership – Analysis
After the Asian financial crisis, East Asia witnessed regional financial cooperation that has never seen before. The countries’ realisation of their economic vulnerabilities coupled with a strong aversion towards International Monetary Fund (IMF)’s assistance during the crisis tempted the policymakers to seek regional “self-help” mechanisms.
The result was the ASEAN+3 financial cooperation process set up in 2000, which established regional financial governance architectures including the Chiang Mai Initiative Multilateralisation (CMIM). Its purpose is to provide short-term liquidity assistance through a network of currency swaps in case of balance-of-payments difficulties.
… Kaewkamol Pitakdumrongkit is Deputy Head & Assistant Professor at the Centre for Multilateralism Studies, at the S. Rajaratnam School of International Studies (RSIS) of Nanyang Technological University, Singapore.
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