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A regional reserve fund for Latin America

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

Abstract

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.

Suggested Citation

  • Titelman Kardonsky, Daniel & Vera, Cecilia & Carvallo, Pablo & Pérez Caldentey, Esteban, 2014. "A regional reserve fund for Latin America," Financiamiento para el Desarrollo 244, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
  • Handle: RePEc:ecr:col035:35868
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    References listed on IDEAS

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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. Ocampo, José Antonio & Titelman, Daniel, 2012. "Regional Monetary Cooperation in Latin America," ADBI Working Papers 373, Asian Development Bank Institute.
    4. 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.
    5. Agosin, Manuel R., 2001. "Strengthening regional financial cooperation," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    6. 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.
    7. 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.
    8. Chalongphob Sussangkarn, 2010. "The Chiang Mai Initiative Multilateralization : Origin, Development and Outlook," Governance Working Papers 22821, East Asian Bureau of Economic Research.
    9. 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. 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.

    More about this item

    Keywords

    DESARROLLO ECONOMICO; RESERVAS MONETARIAS; FONDOS; ESTABILIZACION ECONOMICA; ECONOMIC DEVELOPMENT; MONETARY RESERVES; FUNDS; ECONOMIC STABILIZATION;

    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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