Event

This event has been cancelled due to inclement weather. It will be postponed to a date later in the semester.

CEAS Issues in Contemporary East Asia Series presents—"Remaking the East Asian Monetary System: Institutionalizing a New Order?”

In the twenty years since the Asian Financial Crisis began in 1997, the countries of East Asia (ASEAN+3) have built the largest regional emergency liquidity fund in the world, the Chiang Mai Initiative Multilateralisation (CMIM). ASEAN+3 states have pledged a total of US$240 billion to aid member states facing a currency crisis, which for most members far exceeds the funds they could access from the International Monetary Fund. Nonetheless, CMIM continues to be functionally subordinate to decisions made by the IMF. This may now be changing, as the ASEAN+3 members have been seeking to institutionalize crucial aspects of the CMIM, including surveillance, policy dialogue, and decisions on disbursement. This seminar will offer a preliminary assessment of those efforts to date, and address both the next steps and the long-term potential of CMIM as a bulwark for financial stability in East Asia.

William W. Grimes is Associate Dean for Academic Affairs and Professor of International Relations at the Frederick S. Pardee School of Global Studies at Boston University, where he has taught since 1996. He previously served as chair of the Department of International Relations and as the first director of the BU Center for the Study of Asia. He has also spent time as a post-doctoral researcher and as a visiting assistant professor at Harvard University.