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Un fondo de reservas regional para América Latina

Author

Listed:
  • Titelman Kardonsky, Daniel
  • Vera, Cecilia
  • Carvallo, Pablo
  • Pérez Caldentey, Esteban

Abstract

En este documento se analiza la viabilidad, las implicancias y los desafíos de ampliar el Fondo Latinoamericano de Reservas (FLAR) a la Argentina, el Brasil, Chile, México y el Paraguay. Se argumenta que un fondo regional de reservas debe concebirse como parte de una red amplia de mecanismos aportados por la arquitectura financiera internacional, para enfrentar problemas de balanza de pagos. Se plantea que un fondo de entre 9.000 y 10.000 millones de dólares permitiría cubrir las necesidades potenciales de financiamiento de sus miembros bajo escenarios de mayor posibilidad de ocurrencia, sin que necesariamente debiera actuar como prestamista de última instancia para todos los países integrantes. Respecto de escenarios más extremos, el fondo debería poder "ampliar sus espaldas" mediante otras instancias de la arquitectura financiera. Los mayores desafíos de aumentar la cantidad de sus miembros se plantean en términos de la gobernanza que tendría este fondo regional de reservas.

Suggested Citation

  • Titelman Kardonsky, Daniel & Vera, Cecilia & Carvallo, Pablo & Pérez Caldentey, Esteban, 2014. "Un fondo de reservas regional para América Latina," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
  • Handle: RePEc:ecr:col070:36641
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    References listed on IDEAS

    as
    1. Agosin, Manuel R., 2001. "Fortalecimiento de la cooperación financiera regional," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    2. Aizenman, Joshua & Edwards, Sebastian & Riera-Crichton, Daniel, 2012. "Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies," Journal of International Money and Finance, Elsevier, vol. 31(8), pages 1990-2016.
    3. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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    More about this item

    Keywords

    RESERVAS MONETARIAS; POLITICA MONETARIA; MOVIMIENTOS DE CAPITAL; BALANZA DE PAGOS; SISTEMAS MONETARIOS; RECURSOS FINANCIEROS; MONETARY RESERVES; MONETARY POLICY; CAPITAL MOVEMENTS; BALANCE OF PAYMENTS; MONETARY SYSTEMS; FINANCIAL RESOURCES;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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