Ramon Pacheco PARDO
Adjunct Researcher
28 March 2015 – 27 September 2015
Ramon Pacheco Pardo is an Adjunct Researcher at the Centre for Banking and Finance Law, the Law Faculty, the National University of Singapore, as well as a Lecturer in the Department of European & International Studies, King’s College London. He holds a PhD in International Relations from the London School of Economics & Political Science (LSE). His current research interests include East Asian financial governance and East Asia-EU relations. At the Centre for Banking and Finance Law he is working on a comparative analysis of the evolution and current state of the regulatory basis underpinning the Chiang Mai Initiative Multilateralization (CMIM) and the European Stability Mechanism (ESM).
The CMIM and the ESM: ASEAN+3 and Eurozone liquidity provision in comparative perspective
The 1997 Asian Financial Crisis and the on-going Eurozone Sovereign Debt Crisis elicited similar responses in East Asia and the EU: provision of IMF-led bailout packages and subsequent creation of regional stressed sovereign liquidity provision mechanisms to minimize future dependence on IMF support. These mechanisms are currently institutionalized in the form of the Chiang Mai initiative Multilateralization (CMIM) and the European Stability Mechanism (ESM). This paper seeks to provide a comparative analysis of the evolution and current state of the regulatory basis underpinning these mechanisms. The focus of the paper will be on the key aspects of liquidity provision mechanism access, implementation, monitoring and repayment conditions, as well as on the relationship between the two regional mechanisms and the IMF in its liquidity provision function.
