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Is there a Case for an Asian Monetary Fund?


  • Graham Bird
  • Ramkishen Rajan


The East Asian financial crisis has spawned a number of proposals for institutional reform. Some envisage reforming existing institutions, particularly the International Monetary Fund (IMF), while others suggest that new institutions are needed. Amongst them is the idea of establishing an Asian Monetary Fund (AMF). Evaluating this proposal raises a number of complex issues. Its appeal hinges on whether it would be able to undertake some functions better than the IMF. To the extent that crises are regionally contained, there may be a case for mobilising finance to help deal with them at the regional level. This could also take pressure off the constrained resources of the IMF. In as much as access to finance from an AMF would be conditional upon compliance with specified standards and policy guidelines, an AMF might also help to prevent a future financial crisis in the region.

Suggested Citation

  • Graham Bird & Ramkishen Rajan, 2000. "Is there a Case for an Asian Monetary Fund?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 1(2), pages 135-143, April.
  • Handle: RePEc:wej:wldecn:20

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    Cited by:

    1. Paul Lejot & Douglas Arner & Liu Qiao & Mylene Chan & Mshall Mays, 2003. "Asia's Debt Capital Markets: Appraisal and Agenda for Policy Reform," Working Papers 192003, Hong Kong Institute for Monetary Research.
    2. Kwack, Sung Yeung, 2004. "An optimum currency area in East Asia: feasibility, coordination, and leadership role," Journal of Asian Economics, Elsevier, vol. 15(1), pages 153-169, February.
    3. Graham Bird & Ramkishen Rajan, 2002. "The Evolving Asian Financial Architecture," Centre for International Economic Studies Working Papers 2002-03, University of Adelaide, Centre for International Economic Studies.
    4. Nunnenkamp, Peter, 2001. "Liberalization and regulation of international capital flows: where the opposites meet," Kiel Working Papers 1029, Kiel Institute for the World Economy (IfW).
    5. Diehl, Markus & Nunnenkamp, Peter, 2001. "Lehren aus der Asienkrise: wirtschaftspolitische Reaktionen und fortbestehende Reformdefizite," Kiel Discussion Papers 373, Kiel Institute for the World Economy (IfW).

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