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An Analysis of the Process of Establishing the Chiang Mai Initiative as an International Financial Regime

Dongjin Kwak 1 Kim Hyun 2

1경희대학교 대학원
2경희대학교

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ABSTRACT

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.

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