Does Asia Need its Own Monetary Fund? Exploring the Requirement for a Pan-Asian Institution

The Asian economy has shown robust and sustained growth in the period 1980-2009, with the region's real gross domestic product (GDP) in purchasing power parity terms increasing more than sevenfold as compared to only threefold in the world economy as a whole. This spectacular growth has lifted millions from poverty, has kick started structural changes in various emerging economies and has expanded the region's global economic influence. However Asia still hasn't been able to effectively influence the global economic policy decisions. To make its voice carry weight and to secure its own economy, Asia will have to think and act as one unit. The paper explores the idea of establishing a Pan-Asian Institution which would carry out the functions of International Monetary Fund