SPECIAL ISSUE | ||
Grimes William W. |
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Asian Monetary Fund Reborn?: Implications of Chiang Mai Initiative Multilateralization | ||
in Asia Policy , Number 11, January , 2011 , 79-104 | ||
This article analyzes the current implications and likely future course of Chiang Mai Initiative Multilateralization (CMIM), which some observers have argued is a major step toward the creation of an Asian monetary fund (AMF) that would be fully autonomous from the IMF. Main Argument Like the previous version of the Chiang Mai Initiative (CMI), CMIM seeks to provide an efficient and credible mechanism for offering emergency liquidity to ASEAN +3 economies in currency crises. "Multilateralization" in this case means the creation of formal reserve pooling arrangements, a weighted voting system for disbursement of funds, and enhancement of surveillance capabilities. CMIM differs in fundamental ways from the AMF concept. Much attention has been given to the establishment of weighted voting for disbursement of funds, but in fact CMIM maintains the CMI's existing "IMF link," whereby crisis countries are able... | ||