@article{ART001954907},
author={Dongjin Kwak and Kim Hyun},
title={An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime},
journal={Journal of Asia-Pacific Studies},
issn={1225-8539},
year={2014},
volume={21},
number={4},
pages={79-110},
doi={10.18107/japs.2014.21.4.004}
TY - JOUR
AU - Dongjin Kwak
AU - Kim Hyun
TI - An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime
JO - Journal of Asia-Pacific Studies
PY - 2014
VL - 21
IS - 4
PB - Institute of Global Affairs
SP - 79
EP - 110
SN - 1225-8539
AB - The purpose of this paper is to explain the process of establishing the Chiang Mai Initiative (CMI) as a regional financial regime from the theoretical perspective of institutional bargaining model developed by Oran R. Young. Suffering from a financial crisis during 1997-1998, East Asian countries came to realize the need for providing short-term liquidity. As a result, discussions were developed about the creation of CMI and an Asian Monetary Fund (AMF) at the same time. Whereas the AMF failed to be brought into realization even at the stage of advocacy, the CMI was successfully established in 2000 and has been developing into Chiang Mai Initiative Multilateralization (CMIM). Why the CMI was successfully created? This paper explains the process of establishing the CMI by applying six hypotheses about factors to account for the success of reaching an agreement on multilateral negotiations for an international regime. It finds out that a contractual environment, equitable arrangements, an exogenous crisis, and effective leadership were factors leading to the successful creation of the CMI.
KW - International financial regime;Chiang Mai Initiative;Chiang Mai Initiative Multilateralization;Institutional bargaining model;Asian Monetary Fund
DO - 10.18107/japs.2014.21.4.004
ER -
Dongjin Kwak and Kim Hyun. (2014). An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime. Journal of Asia-Pacific Studies, 21(4), 79-110.
Dongjin Kwak and Kim Hyun. 2014, "An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime", Journal of Asia-Pacific Studies, vol.21, no.4 pp.79-110. Available from: doi:10.18107/japs.2014.21.4.004
Dongjin Kwak, Kim Hyun "An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime" Journal of Asia-Pacific Studies 21.4 pp.79-110 (2014) : 79.
Dongjin Kwak, Kim Hyun. An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime. 2014; 21(4), 79-110. Available from: doi:10.18107/japs.2014.21.4.004
Dongjin Kwak and Kim Hyun. "An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime" Journal of Asia-Pacific Studies 21, no.4 (2014) : 79-110.doi: 10.18107/japs.2014.21.4.004
Dongjin Kwak; Kim Hyun. An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime. Journal of Asia-Pacific Studies, 21(4), 79-110. doi: 10.18107/japs.2014.21.4.004
Dongjin Kwak; Kim Hyun. An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime. Journal of Asia-Pacific Studies. 2014; 21(4) 79-110. doi: 10.18107/japs.2014.21.4.004
Dongjin Kwak, Kim Hyun. An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime. 2014; 21(4), 79-110. Available from: doi:10.18107/japs.2014.21.4.004
Dongjin Kwak and Kim Hyun. "An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime" Journal of Asia-Pacific Studies 21, no.4 (2014) : 79-110.doi: 10.18107/japs.2014.21.4.004
