Can Asia Overcome the IMF Stigma?
Ito, Takatoshi. 2012. "Can Asia Overcome the IMF Stigma?."
American Economic Review,
Asian countries still have the IMF stigma, which originates from the experiences of the Asian crisis of 1997-98. The feeling of being unfairly treated grew even stronger afterward. The Asian countries built large foreign reserves, carried out structural reforms, and became even stronger than pre- crisis period. Asians are confident in not repeating the same mistake of falling into a crisis with too much external borrowing. Whether IMF can entice Asia to new precautionary liquidities facilities remains uncertain. Asia may choose either to focus on completing a regional safety net or to engage in IMF, demanding for a greater voice and votes.
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Ito, Takatoshi (U Tokyo)
F33: International Monetary Arrangements and Institutions
O19: International Linkages to Development; Role of International Organizations
O24: Development Planning and Policy: Trade Policy; Factor Movement; Foreign Exchange Policy