The 1990s have witnessed three distinct regional currency crisis: The European crisis of 1992-93, the Latin American crisis of 1994-95, and the Asian crisis of 1997-98. The Asian one is analyzed in the light of the developments in international monetary system and the role of International Monetary Fund. This paper claims that IMF's role in coordinating macroeconomic policies and in developing and implementing monetary reform over the world is not as effective as it is expected.
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