02183cas a2200241 a 4500 AALejournalIMF010569 230101c9999 xx r poo 0 0eng d 15.00 USD 9781451946826 1020-7635 BD-DhAAL BD-DhAAL International Monetary Fund. Research Dept. IMF Staff papers : Volume 25 No. 2. Washington, D.C. : International Monetary Fund, 1978. 1 online resource (168 pages) IMF Staff Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper outlines the Asian currency market provides an intermediation function between several Asian countries and the Eurocurrency market. However, soon after its creation in 1968, the Asian market went beyond this function and has now developed a substantial regional network of financial transactions. The Asian currency market was developed when the economy of Singapore was going through an important period of transition that was caused by the independence of the island in the mid-1960s and by a rapid phasing out of large British military installations. In addition to an important effort of economic development at home, this period of transition has involved expanding financial and trade relations to countries other than the British Commonwealth and the immediate neighbors. Several factors contributed to the establishment of the Asian currency market in Singapore. In the 1960s, the rapid economic growth of a number of Asian countries, an increased flow of direct investment, and a greater participation of multinational corporations in the economy of Asia generated a growing pool of foreign currencies in the hands of the private sector. Mode of access: Internet IMF Staff Papers; IMF Staff Papers ; No. 1978/002 Full text available on IMF http://elibrary.imf.org/view/journals/024/1978/002/024.1978.issue-002-en.xml IMF e-Library