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Regional Financing Arrangements and the Stability of the International Monetary System

McKay, Julie and Volz, Ulrich and Wölfinger, Regine (2011) 'Regional Financing Arrangements and the Stability of the International Monetary System.' Journal of Globalization and Development, 2 (1).

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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.

Item Type: Articles
Keywords: International monetary arrangements and institutions; international institutional arrangements; regi
SOAS Departments & Centres: Faculty of Law and Social Sciences > Department of Economics
ISSN: 19481837
DOI (Digital Object Identifier): 10.2202/1948-1837.1139
Depositing User: Ulrich Volz
Date Deposited: 29 Jan 2013 14:51
URI: http://eprints.soas.ac.uk/id/eprint/14789

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