Examining the Case for an Asian Monetary Fund

This paper explores the case for an Asian Monetary Fund (AMF) in light of the East Asian crisis. It discusses the role of such a regional facility, and attempts to clarify important issues such as its functional relationship to the IMF. It is noted that the facility should focus primarily on crisis surveillance and prevention at a regional level; while the IMF continues to focus on surveillance at a global level, as well as crisis management and resolution. Any funds dispersed through the regional facility during a crisis period would be done in full consultation with the IMF and in conjunction with the potential recipient pursuing the IMF conditionalities.