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Regional Financing Arrangements and the Stability of the International Monetary System

McKay, Julie; Volz, Ulrich; Wölfinger, Regine

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Authors

Julie McKay

Regine Wölfinger



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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Copyright Statement
©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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