Financial regionalism in East Asia： The “Multilateralization” of the Chiang Mai Initiative

The 2008-2009 financial crisis prompted the ASEAN＋3 countries＇ decision to enhance the Chiang Mai Initiative （CMI） and to make it multilateral （CMIM）. The CMI network of bilateral swaps arrangements is going to be substituted by a regional reserve pooling arrangement worth US$120 billion. The aim of this work is to analyse the CMIM, putting it in the wider context of the growing role of Asia in the world economy and of the acceleration of its integration process. We will also assess the impact of the CMIM on the role of the IMF as global provider of financial assistance and as guarantor of international financial stability.