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The Prospects of a Regional Monetary Institution for the Asia Pacific

In: Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century

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  • Justin W. Iu

Abstract

The Asian Monetary Fund, proposed during the 1997–1998 Asian Financial Crisis, was an attempt by East Asian nations to develop collective policy responses to financial crises and provide rapid distribution of emergency funding. It was envisaged that policy prescriptions would exhibit greater regional sensitivity and prevent contagion. The proposal was rejected because of the perceived perpetuation of moral hazard, duplication and conflict with the International Monetary Fund and belief that historical disunity would prevent successful collaboration. This paper advocates, in the context of international financial architecture reform, enhanced East Asian regionalism is crucial to prevent and manage future financial crises.

Suggested Citation

  • Justin W. Iu, 2005. "The Prospects of a Regional Monetary Institution for the Asia Pacific," Contemporary Studies in Economic and Financial Analysis, in: Asia Pacific Financial Markets in Comparative Perspective: Issues and Implications for the 21st Century, pages 469-505, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:csefzz:s1569-3759(05)86020-6
    DOI: 10.1016/S1569-3759(05)86020-6
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