Lecture series
ASEAN financial cooperation: ASEAN+3, CMIM, AMRO and payment links
How the finance ministers and central bank governors of Southeast Asia, and of China, Japan and Korea, work together: the two tracks of cooperation, the regional swap arrangement known as the Chiang Mai Initiative, the regional surveillance office AMRO, the work on local currency bond markets, and the payment links between the region's markets, with what each means for a lender. Five lessons.
5 of 5 lessons published. Lesson 1 is free to read.
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- 01How regional cooperation works: the ASEAN and ASEAN+3 tracks, who meets and what they agreeSoutheast Asia's finance ministers and central bank governors cooperate in two groups: ASEAN on its own, and ASEAN+3 with China, Japan and Korea. This lesson explains why the cooperation began, who meets in each group, what kinds of agreements they reach, how far those agreements bind compared with the euro area, and what a lender should ask about them.
- 02The Chiang Mai Initiative: the region's swap arrangement, how much a member can draw and the IMF linkThe Chiang Mai Initiative is the ASEAN+3 arrangement under which members can obtain US dollars from each other when they face a shortage of foreign currency. This lesson explains how it grew from bilateral swaps into one arrangement of 240 billion US dollars, who contributes how much, how to work out the most a member can draw, why most of that amount is tied to an IMF programme, and how it compares with the financing arrangements of other regions.
- 03AMRO: regional surveillance, what it publishes and how to read itAMRO is the ASEAN+3 Macroeconomic Research Office, the regional body that watches the economies of its fourteen members and supports the Chiang Mai Initiative. This lesson explains how it was set up, how it is governed, what it publishes, how to read one of its country reports, how it compares with the IMF's surveillance, and what a lender can take from its work.
- 04Local currency bond markets: the Asian Bond Markets Initiative, the credit guarantee facility and the dataSince 2003 the ASEAN+3 members have worked to build bond markets in their own currencies, so that the region's savings can fund the region's investment without borrowing in foreign currency and for short terms. This lesson explains the problem the work addresses, what the Asian Bond Markets Initiative does, how the credit guarantee facility works, how to read the regional bond data, and what it means for a lender.
- 05Payment links and local currency settlement, and what regional cooperation means for a lenderRegional cooperation also covers how money moves between Southeast Asia's markets. This lesson explains what a payment link does and why a shared hub needs fewer connections, how the central banks' regional payment connectivity initiative has grown, how frameworks for settling in local currencies work, how the region compares with Europe, and what the whole course means for a lender.
Quiz and certificate 8 questions; those on lesson 1 are free to try. Read every published lesson and score 80% or more for a certificate of completion.
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