Infographic: The Inclusion of China in Major Global Investment Indices – Implications for ASEAN+3 Regional Capital Flows
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The Inclusion of China in Major Global Investment Indices: Implications for Regional Capital Flows
The reweighting of major global investment indices, which is underway, is expected to result in a reallocation of capital throughout emerging markets.
Financial Constraints Facing Developing Economies: ASEAN+3’s Experiences and Prospects
Many developing economies face daunting financial constraints as they strive to move up the income and development ladder. In particular, developing economies need high levels of investment over prolonged periods of time to lift potential growth, and move up the income ladder.
Further Enhancing the CMIM as a Key Regional Backstop against Future Crises
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).
Japanese Bank’s Rapid Expansion to ASEAN: Mutual Gains and Vulnerabilities
Over the past decade, the ASEAN region has been back on the radar of Japanese banks in their efforts to expand globally. While the relative size remains small, Japanese banks’ lending to ASEAN has grown the fastest, rising almost fourfold since 2009.
Managing Solvency Risk from Boom of the Philippine Real Estate Sector
The Philippine economy has been experiencing a boom in the real estate sector in the last several years which has contributed to the robust growth of the economy. In the past five years, the real estate sector has contributed about 12 percent to the country’s GDP, and taken up more than 18 percent of bank loans. Not surprisingly, the boom has invited many discussions in the media about risk that it pose to the financial system.
Enhancing Regional and Global Financial Stability through ASEAN+3 Financial Cooperation
Under the background of a complex and rapidly-changing regional and international financial situation, East Asian countries plays an increasingly important role in maintaining regional and global financial stability through their financial cooperation. This was highlighted at the inaugural Jakarta Forum on ASEAN-China Relations held on March 4, 2019.
AMRO Director’s Keynote Address on East Asia Financial Cooperation: Towards an Open, Inclusive, Stable and Prosperous Region
Keynote Speech by AMRO Director Dr Junhong Chang at Jakarta Forum on ASEAN-China Relations
Possible Modality of Local Currency Contribution to East Asia’s Regional Financing Arrangement
The Chiang Mai Initiative Multilateralisation (CMIM) is a multilateral currency swap arrangement among ASEAN+3 members, which aims to provide financial support to its members facing balance of payments and/ or short-term liquidity difficulties. Each CMIM member is obliged to contribute a certain amount of resources in U.S. dollars to the arrangement, and in return, is entitled to swap its local currency with the U. S. dollar for an amount up to its contribution multiplied by its purchasing multiplier, when in need. To further improve this mechanism, it is necessary to study the feasibility of allowing local currency contributions to the CMIM arrangements.
Exploring the Plausibility of Local Currency Contribution to East Asia’s Regional Financing Arrangement
To strengthen macroeconomic and financial stability in the region, ASEAN+3 countries established a regional financing arrangement called the Chiang Mai Initiative Multilateralization (CMIM) to provide U.S. dollar liquidity through currency swap transactions when members experience balance of payments and/or short-term liquidity difficulties.