Asian Monetary Fund (AMF)
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The Asian Monetary Fund (AMF) was a proposal made by Japanese financial authorities at the height of the Asian financial crisis of 1997. This proposal was made at the Group of Seven (G7)-International Monetary Fund (IMF) meetings held in Hong Kong in September of that year. The goal of the AMF was to overcome present and future economic crises in the region by securing a network meant for and funded by Asian countries. This entry will provide a brief overview of the circumstances and the considerations that contributed to the emergence, evolution, and failure of the idea, based on a few authoritative sources on the subject (Narine 2001; Amyx 2002; Liu 2002; Lipscy 2003; Masahiro 2015).
The Evolution of the AMF Idea
Initially, the creation of an IMF counterpart in Asia was first idealized when the Asian Development Bank (ADB) was established in 1966. Its premise was that the AMF would complement the activities of the ADB, similarly to the relationship of the IMF and the...
KeywordsJapan IMF AMF Financial crisis Asia Regional Economy
- Amyx, J. A. (2002, September). Moving beyond bilateralism? Japan and the Asian Monetary Fund (Asia Pacific economic papers no. 331). Canberra: Australia-Japan Research Centre.Google Scholar
- Lipscy, P. Y. (2003). Japan’s Asian monetary fund proposal. Stanford Journal of East Asian Affairs, 3(1), 93–104.Google Scholar
- Masahiro, K. (2015, May). From the Chiang Mai initiative to an Asian Monetary Fund (ADBI working paper series no. 527). https://www.adb.org/sites/default/files/publication/160056/adbi-wp527.pdf. Accessed 20 Jan 2020.
- Narine, S. (2001). ASEAN and the idea of an “Asian Monetary Fund”: Institutional uncertainty in the Asia Pacific. In M. Caballero-Anthony & A. D. B. Cook (Eds.), Non-traditional security issues in Southeast Asia (pp. 227–254). Singapore: Institute of Southeast Asian Studies.Google Scholar