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Enhancing the Effectiveness of CMIM and AMRO: Selected Immediate Challenges and Tasks

Author

Listed:
  • Siregar, Reza

    (Asian Development Bank Institute)

  • Chabchitrchaidol, Akkharaphol

    (Asian Development Bank Institute)

Abstract

The Chiang Mai Initiative Multilateralisation (CMIM) and the ASEAN+3 Macroeconomic Research Office (AMRO), established in March 2010 and May 2011, respectively, have made substantial headway. But despite the rapid progress, a series of fundamental questions have been raised, particularly about the size of the CMIM facility. Although CMIM funding was doubled to $240 billion, effective since May 2012, the swap amount has frequently been criticized as insufficient. Another fundamental issue that still needs to be agreed upon is the CMIM’s role and how it fits in among existing regional and global financing facilities. AMRO’s surveillance work is seen as vital to the overall success of the CMIM in regional financial cooperation. The primary task of this paper is to suggest possible areas in which the effectiveness of the CMIM and AMRO may be increased, despite constraints and limitations.

Suggested Citation

  • Siregar, Reza & Chabchitrchaidol, Akkharaphol, 2013. "Enhancing the Effectiveness of CMIM and AMRO: Selected Immediate Challenges and Tasks," ADBI Working Papers 403, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:0403
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    References listed on IDEAS

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    1. Barry Eichengreen & Pipat Luengnaruemitchai, 2006. "Why doesn’t Asia have bigger bond markets?," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 40-77, Bank for International Settlements.
    2. Graham Bird, 2009. "Reforming IMF Conditionality," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(3), pages 81-104, July.
    3. Bank for International Settlements, 2006. "Asian bond markets: issues and prospects," BIS Papers, Bank for International Settlements, number 30.
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    Cited by:

    1. Siregar, Reza & Miyaki, Keita, 2013. "Regional Financial Arrangement: An Impetus for Regional Policy Cooperation," MPRA Paper 51050, University Library of Munich, Germany.
    2. Antoniades, Andreas, 2015. "The New Resilience of Emerging and Developing Countries: Systemic Interlocking, Currency Swaps and Geoeconomics," MPRA Paper 68181, University Library of Munich, Germany.
    3. William N. Kring & William W. Grimes, 2019. "Leaving the Nest: The Rise of Regional Financial Arrangements and the Future of Global Governance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 72-95, January.
    4. Andreas Antoniades, 2017. "The New Resilience of Emerging and Developing Countries: Systemic Interlocking, Currency Swaps and Geoeconomics," Global Policy, London School of Economics and Political Science, vol. 8(2), pages 170-180, May.

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    More about this item

    Keywords

    cmim; amro; swap; surveillance; bilateral; multilateral; conditionalities;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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