Everything Everywhere All at Once: Revamping The ASEAN+3 RFA’s Lending Toolkit
The underutilization of CMIM facilities during recent crises highlights the need to reevaluate the effectiveness of ASEAN+3 region’s financial safety net.
How Argentina Utilized its Bilateral Swap Arrangement as a Bridge Loan
Argentina first established its bilateral swap agreement (BSA) with China in 2009 to provide a liquidity line of up to ARS38 billion or CNY70 billion (about USD10.3 billion).
How the CMIM has Evolved as ASEAN+3’s Self Help Mechanism
The Chiang Mai Initiative Multilateralisation (CMIM) is the regional safety net of the ASEAN+3 region.
Conceiving a New Financial Structure for ASEAN+3 Regional Financing Arrangements
Being one of the largest RFAs in the world, the CMIM, with a lending capacity of $240 billion, has undergone continued improvements over the past decade.
Why CMIM Remains a Backup Insurance Policy
The cases of the Philippines and Indonesia are among the reasons why the CMIM has never been tapped.
The Argentine Case: Lessons for the CMIM
Since 1958, two years after joining the International Monetary Fund (IMF),
Applying Flexible Purchasing Multiple to Enhance CMIM Resource Allocation
With a total financing capacity of USD240 billion, the Chiang Mai Initiative Multilateralisation (CMIM) is the world’s second largest regional financing arrangement (RFA) among active RFAs, after the European Stability Mechanism (ESM) and much larger than most other arrangements in non-European regions.
ASEAN+3 Swap Lines Grow; Better Protecting Against Liquidity Crises
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.
Conditionality in the Context of the CMIM and IMF
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.
ASEAN+3 Leaders’ Summit Reaffirms Commitment to CMIM and Financial Cooperation
ASEAN+3 leaders have reaffirmed their strong support for the Chiang Mai Initiative Multilateralisation (CMIM) Agreement and the mandates given to the ASEAN+3 Macroeconomic Research Office (AMRO) at the 24th ASEAN+3 Leaders’ Summit hosted by Brunei Darussalam on October 27, 2021.
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