Does East Asia have a working financial safety net?
Financial safety nets in Asia have come a long way since the Asian financial crisis (AFC) of 1997/1998. With Asian countries not wanting to rely solely on the IMF again, the Chiang Mai Initiative (CMI) was created in 2000. When the CMI also proved inadequate following the global financial crisis, it was first multilateralized (CMIM), and then doubled in size to US$240bn, while the IMF de-linked portion was increased to 30 percent of the available country quotas. A surveillance unit, the ASEAN+3...[Show more]
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|Source:||Asian Economic Journal|
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