Reviving the "Asian Monetary Fund"
C. Fred Bergsten
No PB98-8, Policy Briefs from Peterson Institute for International Economics
Japan proposed an "Asian Monetary Fund" during the early stages of the crisis more than a year ago. The idea was never specified sufficiently to permit objective evaluation. It was nevertheless immediately rejected, mainly by other Asians (most vocally China) but also by the United States and the rest of the G-7, due to fears that it could undermine the leadership role of the International Monetary Fund and foster a split between Asia and North America.
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