Plausibility of Local Currency Contribution to the CMIM

Financial support from AMRO is acknowledged. The research was a part of the research project on “Local Currency Contribution to the CMIM.” The findings, interpretations, and conclusions expressed in this material represent the views of the author(s) and are not necessarily those of the ASEAN+3 Macroeconomic Research Office (AMRO) or its member authorities. Neither AMRO nor its member authorities shall be held responsible for any consequence of the use of the information contained herein. We would like to thank an anonymous referee for valuation comments and suggestions.