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The Chiang Mai Agreement: An Overview

The Chiang Mai Agreement is a monetary agreement signed in 2000 between ten member countries of the Association of Southeast Asian Nations (ASEAN) and China, Japan, and South Korea (known as ASEAN+3). The agreement aims to promote regional financial stability by providing short-term liquidity support to member countries in times of crisis.

The agreement creates a regional financial safety net, allowing member countries to access a pool of funds through the Chiang Mai Initiative Multilateralization (CMIM) when facing short-term liquidity problems. The CMIM is a multilateral currency swap arrangement designed to address balance-of-payments difficulties and stabilize financial markets in the region.

The CMIM operates by allowing member countries to access financial resources from the pool in exchange for their local currency. This mechanism eliminates the need for member countries to resort to the International Monetary Fund (IMF) for financial support, reducing the associated stigma and political pressure.

The Chiang Mai Agreement has undergone several upgrades since its inception, with the most recent being in 2014. The 2014 agreement increased the size of the CMIM pool from US$120 billion to US$240 billion, enabling better crisis prevention and management.

Since its creation, the Chiang Mai Agreement has been activated twice. The first activation occurred in 2008 during the global financial crisis when Indonesia, the Philippines, and Thailand received a total of US$38.4 billion. The second activation took place in 2013 when Indonesia received US$15 billion as a precautionary measure.

The Chiang Mai Agreement has been instrumental in promoting regional financial cooperation and strengthening the resilience of ASEAN+3 economies. It offers a valuable mechanism for member countries to address financial instability and reduce their vulnerability to external shocks.

In conclusion, the Chiang Mai Agreement is a significant agreement that has had a positive impact on ASEAN+3 economies. Its ability to provide short-term liquidity support to member countries during times of crisis has helped to promote regional financial stability. The continued upgrades to the CMIM pool demonstrate the commitment of member countries to strengthen their financial cooperation and build resilience against external shocks.

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