In the wake of the Asian Financial Crisis (AFC), the Chiang Mai Initiative (CMI) was established in 2000 to provide short-term U.S. dollar liquidity to ASEAN+3 members. This was further developed into the Chiang Mai Initiative Multilateralization (CMIM) in 2010.
The Chiang Mai Initiative Multilateralisation (CMIM) has been designed to provide U.S. dollar liquidity support in response to urgent short-term liquidity difficulties and/ or balance of payments difficulties experienced by any ASEAN+3 member.
The Executive Committee (EC) of the ASEAN+3 Macroeconomic Research Office (AMRO) convened a meeting today in Busan, Korea. The EC is the highest decision making body of AMRO, and is composed of Finance and Central Bank Deputies from ASEAN+3 members.
Increasing trade protectionism, tightening financial conditions, and the new technological revolution have posed growing risks and challenges to the ASEAN+3 region.
The 3rd ASEAN+3 Financial Forum (ATFF) with the theme of “Voyage in Growing Uncertainties” will be held back to back with the ASEAN+3 Finance and Central Bank Deputies’ Meeting (AFCDM+3)
The continued challenges of a changing economic environment are not new to the ASEAN+3 region, which consists of the 10 ASEAN members plus China (including Hong Kong), Japan and Korea. The region has weathered several external shocks in the past decade, including the global financial crisis in 2008 and episodes of risk-aversion and capital outflows.
We are living very different world compared to two years ago. With a firmer U.S. trade protectionist stance, there is no longer super-power guardian for the multilateral trade system.
Last month, I was honored to talk with students and professors at Chulalongkorn University in Bangkok about sustaining macroeconomic and financial stability in East Asia and the role of the regional financial safety net.
A stronger regional financial safety net would enhance resilience of regional economies against external shocks, said Dr Jae Young Lee, Lead Economist of the ASEAN+3 Macroeconomic Research Office (AMRO) during his lecture at Chulalongkorn University in Bangkok, Thailand on June 4, 2018.
