What do we know about the global financial safety net? Rationale, data and possible evolution

Livio Stracca and Beatrice Scheubel

No 177, Occasional Paper Series from European Central Bank

Abstract: This paper critically reviews the theoretical basis for the provision of the global financial safety net (GFSN) and provides 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. JEL Classification: F32, F33, F34, G01, H87

Keywords: financial globalisation; financial integration; global financial safety net; IMF (search for similar items in EconPapers)
Date: 2016-09
New Economics Papers: this item is included in nep-his and nep-ifn
Note: 335958
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (26)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbops:2016177

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