Julie McKay
Regional Financing Arrangements and the Stability of the International Monetary System
McKay, Julie; Volz, Ulrich; Wölfinger, Regine
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.
Citation
McKay, J., Volz, U., & Wölfinger, R. (2011). Regional Financing Arrangements and the Stability of the International Monetary System. Journal of Globalization and Development, 2(1), https://doi.org/10.2202/1948-1837.1139
Journal Article Type | Article |
---|---|
Publication Date | Aug 1, 2011 |
Deposit Date | Jan 29, 2013 |
Publicly Available Date | Jun 25, 2019 |
Journal | Journal of Globalization and Development |
Electronic ISSN | 1948-1837 |
Publisher | De Gruyter |
Peer Reviewed | Peer Reviewed |
Volume | 2 |
Issue | 1 |
DOI | https://doi.org/10.2202/1948-1837.1139 |
Keywords | International monetary arrangements and institutions; international institutional arrangements; regi |
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©2011 Walter de Gruyter. This is the published version of record. For information on re-use, please refer to the publisher’s terms and conditions.
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