ASEAN plus China, Japan and Korea have agreed to expand dramatically the scale of the Chiang Mai Initiative of bilateral swap arrangements and develop a more broadly focused institution. This could be a substantial step on the journey towards an Asian Monetary Fund (‘AMF’). This paper examines what a fully fledged AMF would offer the region. The national economic policies of East Asian nations have differed substantially from those of the Washington Consensus, and been more effective. An AMF would offer the chance to promote economic policies in Asia that give a larger role to national government, equity investment and domestic demand, and a smaller role to foreign debt financing and export revenues, than do those of the Washington Consensus.
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Date of this Version
Ross Buckley, "East Asian Financial Integration: A Road Ahead" (November 2011). University of New South Wales Faculty of Law Research Series 2011. Working Paper 57.