Dwadzieścia lat po propozycji Sakakibary. Współczesne wyzwania dla projektu Azjatyckiego Funduszu Walutowego
Twenty years after Sakakibara proposal. Contemporary challenges for the project of Asian Monetary Fund

Summary/Abstract: The project of Asian Monetary Fund was established twenty years ago and is still under construction. ASEAN Plus Three states, led by China, Japan and the Republic of Korea, chose the path of gradualism, establishing regional architecture of financial cooperation on the base of the network of the swap agreements (replaced later by multilateral contract CMIM), mechanisms of policy dialogue and macroeconomic surveillance. The progress of institutionalization under crisis episodes of 1997-98 and 2007-09 increased the probability of AMF establishment, however, under the condition of meeting several criteria such as: de-linking CMIM and IMF, increase in the CMIM funds, enhancing effectiveness of AMRO activities, ensuring complementarity between CMIM/AMRO (AMF) and IMF’s actions to create synergy effects, enlargement of CMIM membership. The aim of the article is to indicate the circumstances of establishment of the project of Asian Monetary Fund, the evolution of financial cooperation in the Asian region after initial failure of AMF project, as well as the perspectives of AMF establishment, regarding key challenges faced by the region at the end of the second decade of the twenty-first century.

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