G2TT
来源类型Working Paper
规范类型工作论文
Global and regional financial safety nets: lessons from Europe and Asia
Changyong Rhee; Lea Sumulong; Shahin Vallée
发表日期2013-11-20
出版年2013
语种英语
概述This paper analyses the relationships between global and regional financial safety nets, and uncovers the potential tensions and operational challenges associated with the involvement of several institutional players with potentially different interests, analytical biases and governance.
摘要

The Asian financial crisis (1997) and the European crisis (2009) have both contributed to the development and deepening of regional safety net arrangements. This paper analyses the relationships between global and regional financial safety nets, and uncovers the potential tensions and operational challenges associated with the involvement of several institutional players with potentially different interests, analytical biases and governance. The G20 has acknowledged the importance of these new players for the international monetary system, but the principles for cooperation between the IMF and regional financing arrangements are far too broad and ad hocto contribute to a coherent and effective architecture. This paper tries to establish some lessons learned from the Asian financial crisis in 1997 and the current European crisis in order to enhance the effectiveness, efficiency, equity and governance of these arrangements. In particular, it proposes changes to the IMF articles of agreement to allow for lending or guarantees to regional arrangements directly and it establishes some key desirable features and practices of regional mechanisms that should be adopted everywhere to ensure some global consistency, particularly in the field of macroeconomic surveillance, programme design and conditionality.

主题Finance & Financial Regulation ; Global Economics & Governance
URLhttps://bruegel.org/2013/11/global-and-regional-financial-safety-nets-lessons-from-europe-and-asia/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429432
推荐引用方式
GB/T 7714
Changyong Rhee,Lea Sumulong,Shahin Vallée. Global and regional financial safety nets: lessons from Europe and Asia. 2013.
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