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A regional reserve fund for Latin America

Listed author(s):
  • Titelman Kardonsky, Daniel
  • Vera, Cecilia
  • Carvallo, Pablo
  • Pérez Caldentey, Esteban

Strengthening the Latin American Reserve Fund (FLAR) by expanding its size and scope in order to encompass a larger number of countries of the region would significantly contribute to financial stability as a regional and global public good. This paper seeks to cast light on the viability, implications and challenges of expanding FLAR to another five countries in the region: Argentina, Brazil, Chile, Mexico and Paraguay. In our view, regional reserve funds are one of the mechanisms that contribute to a denser international financial architecture and help enhance its capacity to provide financial stability. Greater densification means not only that there is a wider range of tools, but also that there is greater interconnectivity between the institutions that make up the international financial architecture.

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Paper provided by Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL) in its series Financiamiento para el Desarrollo with number 244.

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Date of creation: 24 Feb 2014
Handle: RePEc:ecr:col035:35868
Note: Incluye bibliografía
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  1. Sussangkarn, Chalongphob, 2010. "The Chiang Mai Initiative Multilateralization: Origin, Development and Outlook," ADBI Working Papers 230, Asian Development Bank Institute.
  2. Guillermo A. Calvo & Alejandro Izquierdo & Luis Fernando Mejía, 2008. "Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration," IDB Publications (Working Papers) 1628, Inter-American Development Bank.
  3. José Antonio Ocampo & Daniel Titelman, 2012. "Regional Monetary Cooperation in Latin America," Governance Working Papers 23324, East Asian Bureau of Economic Research.
  4. José Antonio Ocampo & Daniel Titelman, 2012. "Regional Monetary Cooperation in Latin America," Finance Working Papers 23324, East Asian Bureau of Economic Research.
  5. Kee-Hong Bae & G. Andrew Karolyi & René M. Stulz, 2003. "A New Approach to Measuring Financial Contagion," Review of Financial Studies, Society for Financial Studies, vol. 16(3), pages 717-763, July.
  6. Agosin, Manuel R., 2001. "Strengthening regional financial cooperation," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
  7. Guillermo A. Calvo & Alejandro Izquierdo & Luis-Fernando Mejía, 2008. "Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration," NBER Working Papers 14026, National Bureau of Economic Research, Inc.
  8. José Antonio Ocampo & Daniel Titelman, 2012. "Regional Monetary Cooperation in Latin America," Macroeconomics Working Papers 23324, East Asian Bureau of Economic Research.
  9. 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.
  10. Chalongphob Sussangkarn, 2010. "The Chiang Mai Initiative Multilateralization : Origin, Development and Outlook," Governance Working Papers 22821, East Asian Bureau of Economic Research.
  11. Ocampo, José Antonio & Titelman, Daniel, 2012. "Regional Monetary Cooperation in Latin America," ADBI Working Papers 373, Asian Development Bank Institute.
  12. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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