Paper Summary:

This paper explains the purpose of the Asian Monetary Fund and its origins. The paper explains how Japanese Vice-Minister of Finance, Eisuke Sakakibura, originally drew up the proposal, which was tabled until recently. The paper goes on to explain the objections of the United States to the proposal, and the international trade ramifications of creating an Asian Monetary Fund.

table of contents:
What is the Asian Monetary Fund?
What is its purpose?
How does it affect International Trade?
What effect does it have on the U.S. economy?
Why is it important?
Other relevant information on the Asian Monetary Fund

From the Paper:

"The Asian Monetary Fund is the reform measure of the International Monetary Fund, amidst severe economic crisis of East Asia, since the Second World War, were considered as too imposing and too stringent. This led many to seriously think of mild reforms to eradicate the possibility of future economic exigencies. Some others inclusive of Japanese Finance Minister Kiichi Miyazawa and South Korean Prime Minister Kim Jong-Pil went to the extreme and argued that IMF is quite incapable of healing the ailing Asian economics. They advocated the constitution of Asian Monetary Fund as an alternative to IMF reforms. The prevailing economic disaster in Asian regions has made the Asian institutions vulnerable to serious flaws as well as their responsive towards informality and consensus. The creation of Asian Monetary Fund was first proposed by Japanese Vice-Minister of Finance Eisuke Sakakibura during the year 1997. (Asian vs. International: Structuring an Asian Monetary Fund)"

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