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Volz, Ulrich (2012) The Need and Scope for Strengthening Co-operation between Regional Financing Arrangements and the IMF. Bonn: Deutsches Institut für Entwicklungspolitik [German Development Institute]: Discussion Paper 15.

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Abstract

This article makes the case for strengthening co-operation between regional financing arrangements (RFAs) and the International Monetary Fund (IMF), and examines ways to do so. It argues that ex ante co-operation between RFAs and the IMF is needed to reduce the risk of co-operation failing in the middle of a crisis, to help avoid “forum shopping” and institutional arbitrage, to prevent weakening the IMF’s role as the guardian of global financial stability, to minimise duplication, and to generate mutual benefits from a division of labour and specialisation based on the comparative advantages of the respective institutions. It calls for guidelines for organising the inter-institutional relations between the IMF and RFAs, a clear division of labour in crisis lending, and co-operation and exchange in surveillance and analysis. Co-operation with RFAs should be seen as a chance for the IMF to overcome its stigmatisation, strengthen its global role and ensure its continued relevance.

Item Type: Monographs and Working Papers (Discussion Paper)
SOAS Departments & Centres: Departments and Subunits > Department of Economics
Legacy Departments > Faculty of Law and Social Sciences > Department of Economics
Date Deposited: 31 Mar 2015 10:29
URI: http://eprints.soas.ac.uk/id/eprint/19690

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