Tag Archives | Chiang Mai Initiative Multilateralization
Finance

A new global and regional financial architecture to address global shocks

A new global and regional financial architecture to address global shocks
In the postwar period, the global economic and financial architecture was dominated by the advanced economies in the West. They designed the international monetary system, international development financing frameworks, and global trade liberalization schemes. They also dominated the leadership of key global institutions related to economic and financial stability, the International Monetary Fund (IMF), and, more recently, the Financial Stability Board (FSB).

Economics, Energy, Finance, Governance

Twenty years after the Asian financial crisis: The evolution of Asian financial cooperation

Twenty years after the Asian financial crisis: The evolution of Asian financial cooperation
When Asia was hit by its regional financial crisis 20 years ago, Asian policy makers were quick to call for regional solutions to what was perceived to be a common problem: Asian countries’ dependence on foreign finance. Prominent political figures and scholars argued for a greater regional focus of monetary and economies policies, suggesting the introduction of currency baskets modeled on trade patterns, financial structures, and even Asian currency units akin to the European Currency Unit, the euro’s predecessor.