The Chiang Mai Initiative (CMI) is an important first step in creating a regional cooperative system that can be activated immediately to provide liquidity support to any member country. The structure and elements of the CMI, and those of the Asian Bond Market Initiative — a comprehensive plan for the development of regional bond markets — are discussed.
Keywords: Chiang Mai Initiative; monetary system; liquidity support; currency swap; bond market; financial reform
Chapter. 5330 words.
Subjects: Business and Management
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