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Regional Financing Arrangements and the Stability of the International Monetary System

Regional Financing Arrangements and the Stability of the International Monetary System 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Globalization and Development de Gruyter

Regional Financing Arrangements and the Stability of the International Monetary System

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Publisher
de Gruyter
Copyright
Copyright © 2011 by the
ISSN
1948-1837
eISSN
1948-1837
DOI
10.2202/1948-1837.1139
Publisher site
See Article on Publisher Site

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.

Journal

Journal of Globalization and Developmentde Gruyter

Published: Aug 31, 2011

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