An Asian Monetary Fund in the Making?
Stanford Center on International Development Working Paper No. 378
36 Pages Posted: 24 May 2013 Last revised: 27 Jun 2013
Date Written: January 21, 2009
Abstract
This paper examines the pooled regional financial mechanism created in East Asia pursuant to the ASEAN 3 Chiang Mai Initiative. It examines the origins of the new facility and discusses the near-term challenges that its architects will face in creating a credible and effective mechanism for delivering liquidity support. It argues that although technical hurdles exist, the most important impediments involve political contestation among member states and the need for the fund to interact constructively with markets and external players, including the IMF.
Keywords: Chiang Mai Initiative, ASEAN 3, international finance, International Monetary Fund
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