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Regional Financial Arrangements and the International Monetary Fund

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  • Barry Eichengreen

    (Asian Development Bank Institute (ADBI))

Abstract

The rise of regional monetary arrangements poses a challenge for the International Monetary Fund (IMF)'s global surveillance efforts. This paper reviews how the IMF has responded to earlier regional initiatives, from the European Payments Union of the 1950s and the Gold Pool of the 1960s to the CFA franc zone and the European Monetary System. The penultimate section draws out the implications for monetary regionalism in East Asia.

Suggested Citation

  • Barry Eichengreen, 2012. "Regional Financial Arrangements and the International Monetary Fund," Governance Working Papers 23354, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:govern:23354
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    References listed on IDEAS

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    1. International Monetary Fund, 2010. "Peru: Staff Report for the 2010 Article IV Consultation," IMF Staff Country Reports 2010/098, International Monetary Fund.
    2. Anders Aslund & Valdis Dombrovskis, 2011. "How Latvia Came through the Financial Crisis," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6024, October.
    3. Barry Eichengreen, 2000. "From Benign Neglect to Malignant Preoccupation: U.S. Balance-of-Payments Policy in the 1960s," NBER Working Papers 7630, National Bureau of Economic Research, Inc.
    4. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa68, October.
    5. International Monetary Fund, 2010. "Republic of Estonia: Staff Report for the 2009 Article IV Consultation," IMF Staff Country Reports 2010/004, International Monetary Fund.
    6. Mr. Etienne B Yehoue, 2007. "The CFA Arrangements: More than Just An Aid Substitute?," IMF Working Papers 2007/019, International Monetary Fund.
    7. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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    Cited by:

    1. Scheubel, Beatrice & Stracca, Livio, 2019. "What do we know about the global financial safety net? A new comprehensive data set," Journal of International Money and Finance, Elsevier, vol. 99(C).
    2. Cheng, Gong & Lennkh, Rudolf Alvise, 2018. "RFAs' Financial Structures and Lending Capacities: a Statutory, Accounting and Credit Rating Perspective," MPRA Paper 95754, University Library of Munich, Germany.
    3. IRC Taskforce on IMF Issues, 2018. "Strengthening the Global Financial Safety Net," Occasional Paper Series 207, European Central Bank.
    4. Katarzyna Glinka, 2016. "Adaptations Within The Financial Market In China After Global Financial Crisis," Oeconomia Copernicana, Institute of Economic Research, vol. 7(4), pages 565-591, December.
    5. Cheng, Gong, 2015. "The Global Financial Safety Net through the Prism of G20 Summits," MPRA Paper 68070, University Library of Munich, Germany, revised Nov 2015.
    6. Miles Kellerman, 2019. "The proliferation of multilateral development banks," The Review of International Organizations, Springer, vol. 14(1), pages 107-145, March.
    7. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries- an early assessment," Blueprints, Bruegel, number 779, December.
    8. Scheubel, Beatrice & Stracca, Livio & Tille, Cédric, 2019. "Taming the global financial cycle: What role for the global financial safety net?," Journal of International Money and Finance, Elsevier, vol. 94(C), pages 160-182.

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    More about this item

    Keywords

    Regional monetary arrangements; IMF; global surveillance; East Asia;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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