December 28, 2023
The Chiang Mai Initiative Multilateralisation (CMIM) is the regional safety net of the ASEAN+3 region.
February 17, 2022
Extreme liquidity shortage during the Asian financial crisis of 1997-1998 and the global financial crisis of 2008-2009 have motivated some ASEAN+3 economies to initiate bilateral swap arrangements (BSA) with countries either inside or outside the grouping.
December 15, 2021
Conditionality is an essential supplement to crisis financing programs. However, such conditions have long been debated by scholars and policymakers globally, as to whether they promote economic growth and development or undermine the national sovereignty of borrowers and hinder economic recovery.
May 3, 2021
On May 3, 2021, the finance ministers and central bank governors of ASEAN+3 members — comprising the 10 Southeast Asian countries, and China, Japan and Korea — stressed that the Chiang Mai Initiative Multilateralisation (CMIM) facility should take on a more instrumental role in catering to members’ needs, amid the unprecedented economic turmoil wrought by the COVID-19 pandemic.
January 5, 2021
The Chiang Mai Initiative Multilateralisation (CMIM), with a financing capacity of USD240 billion, aims to provide emergency financing for ASEAN+3 economies in the event of short-term financial shocks.
December 18, 2020
One year on, the COVID-19 pandemic has caused massive human casualties, with more than 70 million confirmed infections worldwide and causing more than 1.5 million deaths.
October 19, 2020
The past century witnessed heightened frequency and magnitude of financial crises, and the global communities’ response to them have largely shaped the modern international financial system that is in place today.
August 25, 2020
This paper aims to explain the ASEAN+3 Macroeconomic Research Office’s (AMRO’s) surveillance framework and practices in non-crisis time and compare them with those of other Regional Financing Arrangements (RFAs).
May 22, 2019
The chiefs in charge of finance and monetary authorities in East Asia gathered in early May this year in Fiji to discuss how to further strengthen the regional financing arrangement (RFA), called the Chiang Mai Initiative Multilateralisation (CMIM).
October 10, 2018
The last global financial crisis made clear that the International Monetary System needs strong financial backstops to provide crisis-time liquidity to countries hit directly by large economic shocks or affected by crisis contagion.
