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Coordinating Regional and Multilateral Financial Institutions

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  • C. Randall Henning

    ()
    (Peterson Institute for International Economics)

Abstract

Recent crises and the expansion of international financial arrangements have dramatically elevated the importance of cooperation between regional institutions and the International Monetary Fund (IMF). While the case for coordination between regional and multilateral institutions is generally accepted, however, the need to organize it on an ex ante is not fully appreciated. The relatively successful cooperation among the European Commission, European Central Bank, and IMF on the European debt crisis is not likely to be easily replicated in joint programs for countries in other regions, moreover, and the costs of coordination failure could be very large. Recent innovations at the IMF, on the other hand, present opportunities for cooperation with regional facilities. Henning reviews (1) the case for organizing cooperation on an ex ante basis, (2) the policy and institutional matters that should be coordinated, (3) how East Asian arrangements in particular and the IMF might cooperate, and (4) an Interinstitutional Agenda of general principles, modalities, and institutional recommendations. The G-20, member states, and institutions themselves should address this agenda proactively.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP11-9.

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Date of creation: Mar 2011
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Handle: RePEc:iie:wpaper:wp11-9

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Keywords: Financial crises; IMF; regional financial institutions; regional integration; Chiang Mai Initiative; European debt crisis; international cooperation;

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References

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  1. Barry Eichengreen, 2006. "Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?," NBER Working Papers 12451, National Bureau of Economic Research, Inc.
  2. Jonathan David Ostry & Jeromin Zettelmeyer, 2005. "Strengthening IMF Crisis Prevention," IMF Working Papers 05/206, International Monetary Fund.
  3. Masahiro Kawai, 2010. "Reform of the International Financial Architecture: An Asian Perspective," Working Papers id:3066, eSocialSciences.
  4. Edwin M. Truman, 2006. "Reforming the IMF for the 21st Century," Peterson Institute Press: All Books, Peterson Institute for International Economics, number sr19.
  5. Haruhiko Kuroda & Masahiro Kawai, 2002. "Strengthening Regional Financial Cooperation in East Asia," Asia Pacific Economic Papers 332, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
  6. Edwin M. Truman, 2010. "The G-20 and International Financial Institution Governance," Working Paper Series WP10-13, Peterson Institute for International Economics.
  7. McKay Julie & Volz Ulrich & Wölfinger Regine, 2011. "Regional Financing Arrangements and the Stability of the International Monetary System," Journal of Globalization and Development, De Gruyter, vol. 2(1), pages 1-33, August.
  8. Graham Bird & Ramkishen Rajan, 2002. "The Evolving Asian Financial Architecture," Centre for International Economic Studies Working Papers 2002-03, University of Adelaide, Centre for International Economic Studies.
  9. Claudio E. V. Borio & Gianni Toniolo, 2006. "One hundred and thirty years of central bank cooperation: a BIS perspective," BIS Working Papers 197, Bank for International Settlements.
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Cited by:
  1. Titelman, Daniel & Vera, Cecilia & Carvallo, Pablo & Perez Caldentey, Esteban, 2012. "Un Fondo de Reservas Regional para América Latina
    [A Regional Reserve Fund for Latin America]
    ," MPRA Paper 42614, University Library of Munich, Germany.
  2. Barry Eichengreen, 2012. "Regional Financial Arrangements and the International Monetary Fund," Governance Working Papers 23354, East Asian Bureau of Economic Research.
  3. Seitz, Franz & Jost, Thomas, 2012. "The role of the IMF in the European debt crisis," OTH im Dialog: Weidener Diskussionspapiere 32, University of Applied Sciences Amberg-Weiden (OTH).
  4. Edwin M. Truman, 2011. "Asian Regional Policy Coordination," Working Paper Series WP11-21, Peterson Institute for International Economics.
  5. Sebastian Dullien & Barbara Fritz & Laurissa Mühlich, 2013. "Regional Monetary Cooperation: Lessons from the Euro Crisis for Developing Areas?," World Economic Review, World Economics Association, vol. 2013(2), pages 1, February.
  6. Edwin M. Truman, 2013. "Asian and European Financial Crises Compared," Working Paper Series WP13-9, Peterson Institute for International Economics.
  7. Philip R. Lane, 2013. "Cross-Border Financial Integration in Asia and the Macro-Financial Policy Framework," The Institute for International Integration Studies Discussion Paper Series iiisdp423, IIIS.
  8. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries: an early assessment," Blueprints, Bruegel, number 779, June.
  9. C. Randall Henning & Mohsin S. Khan, 2011. "Asia and Global Financial Governance," Working Paper Series WP11-16, Peterson Institute for International Economics.
  10. Niels Thygesen, 2013. "Global and European Monetary Arrangements: from Bretton Woods to EMU," SUERF 50th Anniversary Volume Chapters, SUERF - The European Money and Finance Forum.
  11. Rana, Pradumna B., 2013. "From a Centralized to a Decentralized Global Economic Architecture: An Overview," ADBI Working Papers 401, Asian Development Bank Institute.
  12. Ulrich Volz, 2012. "Lessons of the European Crisis for Regional Monetary and Financial Integration in East Asia," Finance Working Papers 23189, East Asian Bureau of Economic Research.

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