Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/101219
Authors: 
Azis, Iwan J.
Year of Publication: 
2013
Series/Report no.: 
ADBI Working Paper Series 411
Abstract: 
To the extent that financial contagion from the United States and the euro area crisis has occurred in Asia, this paper focuses on the importance of strengthening the regional financial safety nets. By conjecturing that efforts to prevent and manage a crisis are the essence of providing such safety nets, I argue that efforts made by ASEAN+3 officials, especially in the provision of liquidity support during a crisis, are far from adequate. The collapse of Lehman Brothers in the autumn of 2008 could be a game-changer in the global financial market, making the probability of financial contagion higher than ever before. Even with improved financial conditions and stronger regulations in ASEAN+3 member countries, contagion can and will strike. Making the Chiang Mai Initiative Multilateralization more effective is therefore urgent and critical.
Subjects: 
financial safety nets
asia
financial contagion
euro area crisis
asean+3
global financial market
chiang mai initiative
cmim
JEL: 
F15
F32
F33
Document Type: 
Working Paper

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