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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2001.9
- 수록면
- 229 - 248 (20page)
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This paper first points out that the IMF's financial supports to the crisis-hit countries in the Asian currency crisis were not in quantity and quality enough to prevent and stop the contagion of the first Thai baht crisis to other East Asian countries. This paper then presented the four rationales of a regional monetary fund. A regional monetary fund is needed to supplement the IMF's financial supports in quantity. Secondly, East Asian countries are underrepresented in the quota formula of the IMF. Thirdly, contagions of currency crises were geographically concentrated in the Asian currency crisis. It is natural that East Asian countries should make a regional grouping for financial support to a neighboring country. Lastly, regional surveillance has advantages in both monitoring capital flows among regional countries and understanding regional sociopolitical background.
However, we meet tv"o criticisms for a regional monetary fund, which include both moral hazard of governments of regional countries under a regional monetary fund and duplication of a regional monetary fund with the IMF. A regional monetary fund should not assign a softer conditionality to a crisis-hit country. In addition to the IMF, ex ante regular mutual surveillance based on a regional monetary fund gives the member countries a peer pressure so as to conduct appropriate macroeconomic policy. Because a regional monetary fund will conduct a regular consultation process and mutual survei1lance to give a peer pressure to each other, regional surveillance based on a regional monetary fund should have a relative advantage in comparison with the IMF. A regional monetary fund is not duplication with the IMF but supplementary to the IMF.
However, we meet tv"o criticisms for a regional monetary fund, which include both moral hazard of governments of regional countries under a regional monetary fund and duplication of a regional monetary fund with the IMF. A regional monetary fund should not assign a softer conditionality to a crisis-hit country. In addition to the IMF, ex ante regular mutual surveillance based on a regional monetary fund gives the member countries a peer pressure so as to conduct appropriate macroeconomic policy. Because a regional monetary fund will conduct a regular consultation process and mutual survei1lance to give a peer pressure to each other, regional surveillance based on a regional monetary fund should have a relative advantage in comparison with the IMF. A regional monetary fund is not duplication with the IMF but supplementary to the IMF.
목차
ABSTRACT
1. INTRODUCTION
2. THE FINANCIAL SUPPORTS OF THE IMF IN THE ASIAN CURRENCY CRISIS
3. MARKETS‘ RESPONSE TO THE IMF POLICY PROGRAM
4. RATIONALES OF A REGIONAL MONETARY FUND
5. MORAL HAZARD AND DUPLICATION
REFERENCES
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