Institutional Interplay between the Chiang Mai Initiative and the International Monetary Fund

In: European journal of East Asian studies, Band 13, Heft 1, S. 50-67

Abstract

This paper argues that the emergence and implementation of an international institution can only be fully understood if it is seen as part of a larger regime complex. It analyses the establishment of the Chiang Mai Initiative (CMI), a regional financial arrangement in East Asia, by focusing on its interplay with the International Monetary Fund (IMF). It will be argued that four factors play a major role in the CMI's interactions within the financial regime complex: the lack of a clean slate, forum shopping, legal inconsistencies and the politics of implementation.