ADBI Working Paper 403 Siregar and Chabchitrchaidol
The Chiang Mai Initiative Multilateralisation (CMIM) and the ASEAN+3 MacroeconomicResearch Office (AMRO), established in March 2010 and May 2011, respectively, have madesubstantial headway. But despite the rapid progress, a series of fundamental questions havebeen raised, particularly about the size of the CMIM facility. Although CMIM funding wasdoubled to $240 billion, effective since May 2012, the swap amount has frequently beencriticized as insufficient. Another fundamental issue that still needs to be agreed upon is theCMIM’s role and how it fits in among existing regional and global financing facilities. AMRO’ssurveillance work is seen as vital to the overall success of the CMIM in regional financialcooperation. As other multilateral institutions involved in surveillance work have experienced,effective surveillance to support regional financial cooperation is a complicated task, strewn withobstacles. The primary task of this paper is to suggest possible areas in which the effectivenessof the CMIM and AMRO may be increased, despite constraints and limitations.
E61, F15, F33In this report $ refers to US$.