Regional Financial Arrangements in East Asia (CMIM) and international financial flows

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K01621
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Hitotsubashi University
• Principal Investigator: NEMOTO Yoichi 一橋大学, 大学院経済学研究科, 特任教授 (00823410)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 地域通貨取極め / アセアン＋３マクロ経済調査オフィス（AMRO) / チェンマイ・イニシアティブのマルチ化（CMIM) / 経済サーベイランス / 新興市場国への資金フロー / アジア通貨危機 / 世界金融危機 / 国際機関設立

Outline of Final Research Achievements

The East Asia's regional financial arrangements (RFA), which started from the experiences of the Asian Financial Crisis of 1997-98, showed an institutional advancement such as multilateralization of Chiang Mai Initiative (CMIM) and establishment of ASEAN+3 Macroeconomic Research Office (AMRO) and it's transformation into an international organization (AMRO/IO) after the Global Financial Crisis of 2008-09.
This study aims to consider the East Asian RFA's challenges by comparing it with RFAs of the other regions. Special attention is paid to (1) legal base, (2)economic surveillance office, (3) publication of their economic reports and (4) governance. While considering issues, capital flow into and out of those regions are also examined.
The research results have been presented to researchers and students of the Universities both inside and outside Japan and to policy-makers and international organizations at the policy-related meetings in East Asia.

Free Research Field

国際金融

Academic Significance and Societal Importance of the Research Achievements

世界金融危機後制度的進展を見せた東アジアの地域通貨取極めは、他地域の地域通貨取極めと比較して、①意思決定についても全会一致方式を回避し、明確な多数決方式を採用、②経済サーベイランスの組織としてAMROを設立、③AMROの国際機関移行後には文書の公開の方式を策定、などの点において遜色がないが、④国際条約に法的根拠を持つのはAMROだけな点に課題がある。
2010年代を通じ、資金フローの流出入は続いたが地域全体として大きな問題に至ることは回避したものの、新型コロナ発生時に再度資本流出が見られた。