Regional Financial Cooperation in Asia and its impact to the Global Monetary System
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1 Regional Financial Cooperation in Asia and its impact to the Global Monetary System Jan 22, 2013 Ji-Young Choi Ministry of Strategy and Finance Republic of Korea
2 Contents Ⅰ. Background of Asian Regional Monetary & Financial Cooperation Ⅱ. ASEAN+3 Monetary & Financial Cooperation : What We ve Achieved Ⅲ. ASEAN+3 Monetary & Financial Cooperation : Our Next Step Ⅳ. Implication of Asian Monetary & Financial Cooperation 1
3 Ⅰ. Background of Asian Regional Cooperation 2
4 Ⅰ. Background of Asian Regional Cooperation Problems of Current International Monetary System Highly Volatile & Excessive Capital Flows (With No Rules to Manage it) Sudden Stops and Rapid Reversals of capital flows High Dependence on USD Global liquidity fluctuations depending on US economic conditions Impact on EMs Korea s experience Original sin Financial fragility caused by either currency mismatch or maturity mismatch Vulnerability to twin crises $ 21.4 billion outflows(4% of GDP) in 5 months in 1997 $ 69.5 billion outflows(7.5% of GDP) in 4 months in 2008 Asian Financial and Monetary Cooperation is self-help efforts of Asian region in response to current IMS problems 3
5 Ⅰ. Background of Asian Regional Cooperation Response to Highly Volatile Capital Flows Individual Country Level Sound Macroeconomic Policy Adequate Foreign Exchange Reserves Capital Movement Mgt. Measures (Macro Prudential Measures) Regional Level Regional Financial Safety Nets (CMIM) Response to High Dependence on USD Individual Country Level Internationalization of Local Currency Developing Financial & Capital Markets Regional Level Developing Regional Bond Market (ABMI: Asia Bond Mkt. Initiative) Enhancing Usability of Regional Currency 4
6 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved 5
7 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved Regional Financial Safety Nets: CMIM CMI (2000) CMIM (2009) Currency Swap Web among ASEAN+3 Countries 11 bn USD (2001) (Ex) Korea w/ Thailand : 1 bn USD Japan Yen/ Indonesia : 1 bn USD Multilateral Currency Swap among ASEAN+3 Countries 120 bn USD +3 Countries 80% ASEAN Countries 20% Strengthened CMIM (2012) Doubled the total size from 120 bn USD to 240 bn USD Increased the IMF de-linked portion from 20% to 30% in 2012, possibly 40% in 2014 Introduced Crisis Prevention Function (CMIL-PL) 6
8 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved Regional FSNs Around World ESM $910B AMF $2.8B CMIM $240 B NAFA $ 9B FLAR $2.3B 7
9 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved Regional Financial Safety Nets: AMRO (1) Background - Stigma Effect - Regionalism - CMIM Support Launch of AMRO Executive Committee (ASEAN+3 Deputies Meeting) Director Advisory Panel Group 1 Group 2 Group 3 Group 4 Established in May 2011 Headquartered in Singapore Registered as corporation set to be an IO Costs are shared with the same ratio applied under CMIM (ASEAN : +3 = 2 : 8) 8
10 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved Regional Financial Safety Nets: AMRO (2) Main Function Ordinary Time Crisis Time Macroeconomic monitoring on ASEAN+3 countries - Holds annual consultations - Reports the results to AFDM+3 and AFMM+3 - Carries out technical and people-to-people exchanges with IMF, ADB and etc. Assesses macroeconomic conditions of Requesting Country and Analyzes the necessity of liquidity support (evaluates qualification in case of CMIM-PL) Reports the results to ASEAN+3 Deputies Checks on Requesting Country s conformation to expost conditionality 9
11 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved Regional Bond Market: ABMI (1) Currency Mismatch Maturity Mismatch Developing Local-currency-denominated Bond Markets Channeling Regional Savings into Regional Investment Enhancing Local-currency Demand & Reduce reliance on USD 10
12 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved Regional Bond Market: ABMI (2) 2003 Launch of the ABMI by Korea's proposal 2008 Adoption of New Roadmap with 4 TFs 2012 Adoption of revised New Roadmap+ with 9 Priorities 11
13 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved ABMI : Agendas Under Each TF TF1 Supply CGIF Oct, 2011 Asian Currency Note (2006~2011, 670mil USD) TF2 Demand Asian Bond Markets Summit Asian Bonds Online (asianbondsonline.adb.org) TF3 Regulation ASEAN+3 Bond Market Guide (Apr. 2012) Asian Multi-currency Bond Issuance Program TF4 Infrastructure Regional Settlement Intermediary Regional Credit Rating System 12
14 Ⅱ. ASEAN+3 Cooperation : What We ve Achieved ABMI : New Roadmap + Direction 1 To produce tangible outcomes, current and critical ongoing issues need to be further developed. Direction 2 To strengthen the momentum for the ABMI discussion, important but undiscussed issues related to bond markets should be added Direction 3 To meet and accommodate the changing global financial needs, including mitigation of capital flow volatility, relevant issues need to be addressed 13
15 Ⅲ. ASEAN+3 Cooperation : Our Next Step 14
16 Ⅲ. ASEAN+3 Cooperation : Our Next Step Strengthening the Regional FSN Improving Asian Bond Market Initiative Conducting Study on Future Priorities International Organization 15
17 Ⅲ. ASEAN+3 Cooperation : Our Next Step Strengthening Regional FSN: Short-term CMIM Improving Workability Continually Expanding its Size Enhancing the Usability of Local Currency under CMIM, as proposed by China Boosting cooperation on Capital Movement management, as proposed by Korea AMRO Expanding its Organization Enhancing Surveillance Capacity Strengthening Cooperation with IMF 16
18 Ⅲ. ASEAN+3 Cooperation : Our Next Step Strengthening Regional FSN: Medium & Long-term CMIM Asian Monetary Fund (AMF) 17
19 Ⅲ. ASEAN+3 Cooperation : Our Next Step Improving Regional Bond Market: ABMI Improving ABMI : 9 Priorities in Roadmap + Launching CGIF guarantee programs (TF1) Developing infrastructure-financing (TF1) Fostering an investment-friendly environment for institutional investors & transmitting ABMI's knowledge to institutional investors (TF2) Enhancing ABMF (TF3) Facilitating the establishment of the RSI (TF4) Further developing the government bond markets (TF2) Enhancing financial access to consumers and SMEs (TF3) Strengthening the foundation for a regional credit rating system(tf4) Raising financial awareness (TF4),etc. 18
20 Ⅲ. ASEAN+3 Cooperation : Our Next Step Future Direction of ABMI ABMI Bond Market ACMI Capital Market 19
21 Ⅲ. ASEAN+3 Cooperation : Our Next Step Future Priorities Infrastructure Financing Disaster Risk Insurance Using Local Currency New Regional Development Bank (?) 20
22 Ⅲ. ASEAN+3 Cooperation : Our Next Step Payments in Won and RMB for trade between Korea and China Use of currency swap between Korea and China (KRW 64 trillion / RMB 360 billion) BOK supplies RMB liquidity to Korean banks and PBOC supplies Won liquidity to Chinese banks PBOC RMB Account of BOK Account of PBOC Won BOK Won Won Chinese Bank Won Ask for payment to the exporting company Korean Banks Won Chinese Importing company Commodities Korean Exporting company 21
23 Ⅳ. Implication of Asian Monetary & Financial Cooperation 22
24 Ⅳ. Implication of Asian Monetary & Financial Cooperation Original Scheme of Asian Financial Cooperation ASEAN+3 Economic Integration (Single market, Single Currency, Single public finance) Single Market AMF Regional body ACMI Capital market AMU Single currency Regional FTA CMIM Regional FSN ABMI Bond market Future Priorities Regional currency Real economy Financial sector 23
25 Ⅳ. Implication of Asian Monetary & Financial Cooperation Lessons from Eurozone Crisis Europe Exposure of Weakness of Single European Currency I) Limitation of Labor Mobility among European Countries II) Absence of Imbalance Adjustment Mechanism within the Area Asia East Asian Region is much weaker than Europe I) Much Bigger Gap between Countries II) Immaturity of ASEAN Capital Market III) Greater disparities in terms of history, culture and etc. Gradual Monetary & Financial Cooperation is Inevitable Trade first, Capital second 24
26 Ⅳ. Implication of Asian Monetary & Financial Cooperation Rise of RMB: Can it be the Regional Dominant Currency? RMB RMB Importance of RMB is being highlighted with the expansion of Chinese economy (esp. Trade currency) Immature financial markets and low level of capital account liberalization are cited as limitation of RMB 25
27 Ⅳ. Implication of Asian Monetary & Financial Cooperation Impact on Global Monetary System Asian Intraregional Trade Huge incentive to use local currency with vigorous trade within the region Strong will of ASEAN+3 countries for financial and monetary cooperation ,493 bn$ 10,824 bn$ Possible decrease in the dependence on USD with ever stronger financial cooperation in the region Will major Asian currencies replace USD and make multi-polar system possible? Not in the near future, it would take long time 26
28 T h a n k y o u 27
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