Regional Financing Arrangements and the Stability of the International Monetary System

McKay Julie, Ulrich Volz and Wölfinger Regine
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McKay Julie: European Central Bank
Wölfinger Regine: European Central Bank

Journal of Globalization and Development, 2011, vol. 2, issue 1, 33

Abstract: This article examines the potential contribution of regional financing arrangements (RFAs) to the stability of the international monetary and financial system. To gauge the quality of an RFA, we establish a set of "optimal financing criteria" relevant for providing crisis financing using a first principles approach. We then evaluate the frameworks for the main regional arrangements for emerging markets in existence against these criteria. The results suggest that the design and operation of RFAs determine the extent to which they can help prevent and alleviate crises and thereby contribute to global financial stability.

Keywords: regional liquidity schemes; international financial architecture; the role of the IMF (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (15)

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DOI: 10.2202/1948-1837.1139

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