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Regional Financing Arrangements and the Stability of the International Monetary System

Author

Listed:
  • McKay Julie

    (European Central Bank)

  • Volz Ulrich

    (German Development Institute)

  • Wölfinger Regine

    (European Central Bank)

Abstract

This article examines the potential contribution of regional financing arrangements (RFAs) to the stability of the international monetary and financial system. To gauge the quality of an RFA, we establish a set of optimal financing criteria relevant for providing crisis financing using a first principles approach. We then evaluate the frameworks for the main regional arrangements for emerging markets in existence against these criteria. The results suggest that the design and operation of RFAs determine the extent to which they can help prevent and alleviate crises and thereby contribute to global financial stability.

Suggested Citation

  • 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.
  • Handle: RePEc:bpj:globdv:v:2:y:2011:i:1:n:5
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    References listed on IDEAS

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    1. Titelman Kardonsky, Daniel & Machinea, José Luis, 2007. "Less volatile growth?: the role of regional financial institutions," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    2. Agosin, Manuel R., 2001. "Strengthening regional financial cooperation," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    3. Steven Radelet & Jeffrey D. Sachs, 1998. "The East Asian Financial Crisis: Diagnosis, Remedies, Prospects," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 1-90.
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    Cited by:

    1. repec:nbb:ecrart:y:2017:m:september:i:ii:p:87-112 is not listed on IDEAS
    2. Beatrice D. Scheubel & Livio Stracca, 2016. "What Do We Know About the Global Financial Safety Net? A New Comprehensive Data Set," CESifo Working Paper Series 6184, CESifo Group Munich.
    3. Truman, Edwin M., 2011. "Asian regional policy coordination," Proceedings, Federal Reserve Bank of San Francisco, issue Nov, pages 247-292.
    4. Ulrich volz, 2012. "Strengthening Cooperation between Regional Financing," PAPERS AND PROCEEDINGS 011855, FONDO LATINO AMERICANO DE RESERVAS - FLAR.
    5. Ulrich Volz, 2013. "Lessons of the European crisis for regional monetary and financial integration in East Asia," Asia Europe Journal, Springer, vol. 11(4), pages 355-376, December.
    6. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
    7. Guillermo Perry, 2013. "Regional Public Goods in Finance, Trade and Infrastructure," DOCUMENTOS CEDE 011888, UNIVERSIDAD DE LOS ANDES-CEDE.
    8. Stracca, Livio & Scheubel, Beatrice, 2016. "What do we know about the global financial safety net? Rationale, data and possible evolution," Occasional Paper Series 177, European Central Bank.

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