Abstract
The chapter argues that the emergence and specific implementation of an international institution can only be understood if the institution is seen as part of a larger regime complex. It analyses the creation of the Chiang Mai Initiative (CMI), a regional monetary fund in East Asia. The evolution of the Chiang Mai Initiative will be evaluated in two steps. Firstly, the paper will explain the emergence of the regime by reference to liberal and constructivist models of regime creation with reference to the influence of the international financial regime complex. Following this, it will be evaluated how institutional interplay within the financial regime complex shaped the CMI and what impact it is likely to have on the regime complex it is part of. 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.
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Notes
- 1.
This chapter draws heavily on my previous article “Institutional Interplay between the Chiang Mai Initiative and the International Monetary Fund” in European Journal of East Asian Studies, 13:1, pp. 50–67.
- 2.
In contrast to Keohane’s definition who uses the term „convention“in the sociological sense, this paper mainly refers to examples like the Law of the Sea Convention and the Vienna Convention for the Protection of the Ozone Layer that are formal multilateral treaties according to international law.
- 3.
Special clause which regulates the applicability of the remaining clauses of a contract when some clauses become ineffective.
- 4.
It has to be noted, however, that Malaysia implemented strict controls of short-term capital inflows to avoid speculative attacks on its currency, the Ringgit.
- 5.
Interview with an AMRO executive on the 19th of March 2012 at the AMRO office in Singapore.
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Loewen, H. (2018). Institutional Development and Institutional Interplay Within the Global Financial Regime Complex – The IMF and Regional Financial Cooperation in East Asia. In: Loewen, H., Zorob, A. (eds) Initiatives of Regional Integration in Asia in Comparative Perspective. United Nations University Series on Regionalism, vol 14. Springer, Dordrecht. https://doi.org/10.1007/978-94-024-1211-6_5
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