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Volz, Ulrich (2016) 'Toward the Development of a Global Financial Safety Net or a Segmentation of the Global Financial Architecture?' Emerging Markets Finance and Trade, 52 (10). pp. 2221-2237.

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Abstract

This article examines the prospects for the development of a comprehensive global financial safety net (GFSN). It discusses the optimal layout of the GFSN, comprising the International Monetary Fund, regional financing arrangements (RFAs), as well as bilateral or multilateral central bank swap arrangements, and the relationship between these. It then briefly reviews and appraises the current structure and functioning of these different layers of the GFSN and discusses the need and scope for strengthening cooperation between RFAs and the IMF. It argues that the GFSN is still very patchy and there is little reason to expect significant progress in better collaboration between RFAs and the IMF as long as the latter’s governance structure is not significantly revamped. Indeed, risks are that the GFSN will become even more fragmented with the further development of the European Stability Mechanism and the emergence of the BRICS Contingent Reserve Arrangement. To prevent a further fragmentation of the GFSN, substantial governance reform of the IMF is urgently needed.

Item Type: Journal Article
Additional Information: Accepted version of an article published online by Taylor & Francis 2 Aug 2016: http://dx.doi.org/10.1080/1540496X.2016.1186011
Keywords: Global financial safety net; IMF; regional financing arrangements; international financial cooperation; international monetary and financial stability
SOAS Departments & Centres: Departments and Subunits > Department of Economics
Legacy Departments > Faculty of Law and Social Sciences > Department of Economics
DOI (Digital Object Identifier): https://doi.org/10.1080/1540496X.2016.1186011?journalCode=mree20
Date Deposited: 03 May 2016 15:39
URI: http://eprints.soas.ac.uk/id/eprint/22398

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