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Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America? Author info | Abstract | Publisher info | Download info | Related research | Statistics Barry Eichengreen ()
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The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool could be used for emergency lending in response to sudden stops. Second, a portion of the reserve pool along with borrowed funds could be used to purchase contingent debt securities issued by governments and corporations, helping to solve the first-mover problem that limits the liquidity of markets in these instruments and hinders their acceptance by private investors. This paper argues that the second option is more likely to be feasible and productive. Copyright Springer Science+Business Media, LLC 2007
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Article provided by Springer in its journal Open Economies Review .
Volume (Year): 18 (2007)
Issue (Month): 1 (February)
Pages: 27-52
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Handle: RePEc:kap:openec:v:18:y:2007:i:1:p:27-52Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100323
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: International reserves ; Reserve pooling ; Insurance ; Financial development ; F0 ; F4 ; Other versions of this item:
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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