After the Asian financial crisis in 1997 which demonstrated the incapability of the global financial institutions, especially the International Monetary Fund, to adequately respond to the crisis in...Show moreAfter the Asian financial crisis in 1997 which demonstrated the incapability of the global financial institutions, especially the International Monetary Fund, to adequately respond to the crisis in East Asia. Regional dissatisfaction with the IMF led bail-out caused a series of efforts to build regional institutions in order manage future crises. The most prominent is the Chiang Mai Initiative (CMI). The CMI was created in 2000 by the ASEAN+3 countries as a tool to prevent another financial crisis like the one striking the several Asian countries in 1997-1998 from happening. Later it developed into the CMIM. This thesis aims to investigate the usefulness of the CMI/CMIM to China.Show less
