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The Chiang Mai Initiative and Beyond

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  • Yung Chul Park
  • Yunjong Wang

Abstract

More than three years have passed since the inception of the Chiang Mai Initiative (CMI) in May 2000. Although much progress has been made, the present structure of the CMI is still incomplete. The purpose of this paper is to provide a view on the current process and future prospects for regional financial and monetary cooperation in East Asia. Looking forward, the most realistic scenario is that the countries participating in the CMI will muddle through, continuously discussing modalities of policy dialogue, the types of the surveillance system the CMI needs, and also augmentation of swap amounts without making any substantial progress.

Suggested Citation

  • Yung Chul Park & Yunjong Wang, 2005. "The Chiang Mai Initiative and Beyond," The World Economy, Wiley Blackwell, vol. 28(1), pages 91-101, January.
    • Handle: RePEc:bla:worlde:v:28:y:2005:i:1:p:91-101
    DOI: 10.1111/j.1467-9701.2005.00618.x
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    1. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa68, April.
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    Cited by:

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    2. Petri, Peter & Thomas, Vinod, 2013. "Development Imperatives for the Asian Century," ADB Economics Working Paper Series 360, Asian Development Bank.
    3. Demyanyk, Yuliya & Volosovych, Vadym, 2008. "Gains from financial integration in the European Union: Evidence for new and old members," Journal of International Money and Finance, Elsevier, vol. 27(2), pages 277-294, March.
    4. Suman Basu & Ran Bi & Prakash Kannan, 2010. "Regional reserve pooling arrangements," Proceedings, Federal Reserve Bank of San Francisco, issue Oct.
    5. Callen, Michael & Imbs, Jean & Mauro, Paolo, 2015. "Pooling risk among countries," Journal of International Economics, Elsevier, vol. 96(1), pages 88-99.
    6. Miaojie Yu, 2023. "Internationalisierung des RMB und Belt and Road Initiative," Springer Books, in: Handelskrieg und Handelsgespräche zwischen China und den USA, chapter 10, pages 157-173, Springer.
    7. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    8. Fan Zhang & Miaojie Yu & Jiantuo Yu & Yang Jin, 2017. "The Effect of RMB Internationalization on Belt and Road Initiative: Evidence from Bilateral Swap Agreements," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(12), pages 2845-2857, December.
    9. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
    10. Miaojie Yu, 2023. "Chinas Handelsentwicklung und die Gestaltung der Öffnungspolitik in den letzten vier Jahrzehnten," Springer Books, in: Handelskrieg und Handelsgespräche zwischen China und den USA, chapter 1, pages 3-22, Springer.
    11. Miaojie Yu, 2020. "China-US Trade War and Trade Talk," Springer Books, Springer, number 978-981-15-3785-1, October.

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