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freefall at the world level, there emerged a second order response at the level of regional institutional building …
Persistent link: https://www.econbiz.de/10013111376
This article argues that the global financial crisis has weakened institutional support for financial liberalization in regional trade agreements and increased transaction costs in the financial services sector. Due to the lack of cooperation among international economic organizations, regional...
Persistent link: https://www.econbiz.de/10012861666
integration and openness. The main policy findings are that Asia's future standing in an increasingly multi-centered world economy … freefall at the world level, there emerged a second order response at the level of regional institutional building … between helping themselves and helping the global economy. Asia is striving for modes of regional cooperation that are, on …
Persistent link: https://www.econbiz.de/10009487445
The main strength of today's international monetary system – its flexibility and adaptability to the different needs of its users – can also become its weakness, as it may contribute to unsustainable growth models and imbalances. The global financial crisis has shown that the system cannot...
Persistent link: https://www.econbiz.de/10013069527
It has taken two crises - the Asian financial crisis of 1997-1998 and the global financial crisis of 2007-2009 - for the international community to seriously focus on the reform of the international financial architecture for crisis prevention, management and resolution. Facing the global...
Persistent link: https://www.econbiz.de/10003901587
The paper identifies key features of International Monetary Fund (IMF)-supported programs following the 2008 global financial crisis. The statistical analysis of a large sample of countries that borrowed from the IMF during 1997-2013 indicates that, compared to the amount of financing provided...
Persistent link: https://www.econbiz.de/10011843919
This paper analyzes the factors that have contributed to development of the Chiang Mai Initiative, which is one of the prominent examples of recent East Asian financial cooperation, by comparing it with the failed 1997 proposal for an Asian Monetary Fund
Persistent link: https://www.econbiz.de/10014208078
The CMI (Chiang Mai Initiative) is designed to provide regional liquidity facility after Asian financial crisis of 1997. The current setting of the CMI is centered on four areas: swap network, regional surveillance, monitoring capital flows, and training personnel. However, since the size of...
Persistent link: https://www.econbiz.de/10012942419
lessons for other RFAs, especially for the Chiang Mai Initiative Multilateralization (CMIM) in East and Southeast Asia. The …
Persistent link: https://www.econbiz.de/10012210077
Since the Global Financial Crisis, the Group of Twenty (G20) has not only become the premier forum for policy coordination among major economies but has also played an important role in promoting reforms to safeguard global financial stability. This paper focuses on the commitments the G20 has...
Persistent link: https://www.econbiz.de/10012954178