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Coordinating Regional and Multilateral Financial Institutions

C. Randall Henning

No WP11-9, Working Paper Series from Peterson Institute for International Economics

Abstract: Recent crises and the expansion of international financial arrangements have dramatically elevated the importance of cooperation between regional institutions and the International Monetary Fund (IMF). While the case for coordination between regional and multilateral institutions is generally accepted, however, the need to organize it on an ex ante is not fully appreciated. The relatively successful cooperation among the European Commission, European Central Bank, and IMF on the European debt crisis is not likely to be easily replicated in joint programs for countries in other regions, moreover, and the costs of coordination failure could be very large. Recent innovations at the IMF, on the other hand, present opportunities for cooperation with regional facilities. Henning reviews (1) the case for organizing cooperation on an ex ante basis, (2) the policy and institutional matters that should be coordinated, (3) how East Asian arrangements in particular and the IMF might cooperate, and (4) an Interinstitutional Agenda of general principles, modalities, and institutional recommendations. The G-20, member states, and institutions themselves should address this agenda proactively.

Keywords: Financial crises; IMF; regional financial institutions; regional integration; Chiang Mai Initiative; European debt crisis; international cooperation (search for similar items in EconPapers)
JEL-codes: F30 F33 F34 F53 F55 (search for similar items in EconPapers)
Date: 2011-03
New Economics Papers: this item is included in nep-cba and nep-pke
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