But every major international crisis since then has chipped away at its authority. The 1997-1998 Asian financial crisis undermined its legitimacy in Asia, as many governments in the region believed that the crisis was being exploited by the United States and US financial institutions.
IMF是后1945年全球经济体系的核心机构。它在20世纪80年代的债务危机管理以及1989年开始的后共产主义经济转型中均发挥了核心作用。但其后的每一次重要国际金融危机都削弱了基金组织的权威性。1997-1998年的亚洲金融危机动摇了其在亚洲的合法地位，因为很多亚洲政府认为危机受到了美国和美国金融机构的利用。