Moving Beyond Bilateralism? Japan and the Asian Monetary Fund
Asia Pacific Economic Papers from Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University
This paper examines the political dynamics surrounding the Japanese government’s initial proposal for the creation of an Asian Monetary Fund (AMF) in 1997 and the arrangements that have emerged in its place. Specifically, the paper delves into why Japan attempted to embark on regional institution building independent of the United States and the International Monetary Fund (IMF) in 1997 but has since supported the close linkage to the IMF of a network of bilateral currency swap arrangements in the region. The findings reveal the formidable difficulties Japan faces in circumventing the activities of US-dominated multilateral institutions to play a greater leadership role in financial crisis management in Asia.
JEL-codes: F02 (search for similar items in EconPapers)
Pages: 22 pages
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Persistent link: https://EconPapers.repec.org/RePEc:csg:ajrcau:331
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