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What Do We Know About the Global Financial Safety Net? A New Comprehensive Data Set

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  • Beatrice D. Scheubel
  • Livio Stracca

Abstract

This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank swap lines and regional financing arrangements) for over 150 countries in the sample period 1960-2015. This paper also presents some key stylised facts regarding the provision of GFSN financing and compares macroeconomic outcomes in capital flow reversal episodes depending on how much GFSN financing was available to countries. Finally, this paper concludes with some avenues for further research on the possible evolution of the GFSN.

Suggested Citation

  • 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.
  • Handle: RePEc:ces:ceswps:_6184
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    Cited by:

    1. repec:wsi:jicepx:v:08:y:2017:i:03:n:s179399331750017x is not listed on IDEAS
    2. L´Hotellerie-Fallois, Pilar & Broos, Menno & Herrero, Sonsoles Gallego & Chamorro, Isabel Garrido & Vicente, Fernando López & Mukhopadhyay, Mayukh & Maurini, Claudia & Vonessen, Benjamin, 2018. "A quantitative analysis of the size of IMF resources," Occasional Paper Series 213, European Central Bank.
    3. Boris Hofmann & Hyun Song Shin & Mauricio Villamizar-Villegas, 2019. "FX intervention and domestic credit: evidence from high-frequency micro data," Borradores de Economia 1069, Banco de la Republica de Colombia.
    4. repec:eee:jimfin:v:92:y:2019:i:c:p:25-61 is not listed on IDEAS
    5. repec:bde:journl:y:2018:i:12:d:aa:n:33 is not listed on IDEAS
    6. repec:eee:jimfin:v:94:y:2019:i:c:p:160-182 is not listed on IDEAS
    7. Essers, Dennis & Ide, Stefaan, 2019. "The IMF and precautionary lending: An empirical evaluation of the selectivity and effectiveness of the Flexible Credit Line," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 25-61.
    8. Irina Andone & Beatrice D. Scheubel, 2017. "Memorable Encounters? Own and Neighbours' Experience with IMF Conditionality and IMF Stigma," CESifo Working Paper Series 6399, CESifo Group Munich.

    More about this item

    Keywords

    global financial safety net; financial integration; financial globalisation; IMF;

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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