Asian Monetary Fund

Source: Wikipedia, the free encyclopedia.

The Asian Monetary Fund (AMF) was an idea put forward by the Japanese government during the 1997 Asian financial crisis at the G7-IMF meetings in Hong Kong during September 20–25, 1997 that was never implemented.[1] The proposal was that an institution be formed to work towards setting up a regional network funded by Asian countries to overcome current and future economic crisis.[2]

During the

fixed exchange-rate systems with their currencies generally pegged to the US dollar.[3]

The proposal to establish an AMF led to sharp disagreement between Japanese and United States officials because the US Treasury, which had not been consulted on the proposal, did not support the idea of creating an AMF.[4] In the face of this opposition from the US and a reluctance to support it from China, the Asian Monetary Fund was never established.[5]

In 2023, the

Malaysian Prime Minister, Anwar Ibrahim sought for the creation of an AMF.[6] While China is open to the idea,[7] Indonesia remained cautious, stating that the ASEAN membership has to commit to the idea and seeking approval among the ASEAN membership would not be easy, and it would also be hard to get participating members to commit to the proposed funds.[8][9]

See also

References

  1. ^ Amyx, Jennifer Ann (September 2002). "Moving Beyond Bilateralism? Japan and the Asian Monetary Fund" (PDF). Asia Pacific Economic Papers.
  2. ^ Narine, Shaun (2001). "ASEAN and the Idea of an "Asian Monetary Fund": Institutional Uncertainty in the Asia Pacific" (PDF). Non-Traditional Security Issues in Southeast Asia: 227–254.
  3. ^ Liu, Henry C K. "The case for an Asian Monetary Fund". Asia Times. Asia Times Online. Archived from the original on 2002-10-08.{{cite web}}: CS1 maint: unfit URL (link)
  4. ^ Lipscy, Phillip Y. (2003). "Japan's Asian Monetary Fund Proposal" (PDF). Stanford Journal of East Asian Affairs. 3 (1): 93–104.
  5. ^ "Looking back at the 'Asian IMF' concept". Nikkei Asian Review. June 22, 2017.
  6. ISSN 0585-3923
    . Retrieved 2023-08-10.
  7. ^ "Anwar: Malaysia, China to discuss 'Asian Monetary Fund' to cut dollar dependency | The Edge Markets". The Edge Malaysia. 2023-04-04. Archived from the original on 4 April 2023. Retrieved 2023-08-10.
  8. ^ Thomas, Vincent Fabian (2023-04-11). "Indonesia reluctant to revive Asian Monetary Fund idea". Asia News Network. Retrieved 2023-08-10.
  9. ^ "Malaysia's Anwar seeks Asian Monetary Fund and "dedollarisation" | Lowy Institute". www.lowyinstitute.org. Retrieved 2023-08-10.


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