Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/192955
Authors: 
L’Hotellerie-Fallois, Pilar
Brueggemann, Axel
Bussière, Matthieu
Chiţu, Livia
Estefanía, Julia
Gallego, Sonsoles
Garrido, Isabel
Janssens, Caroline
Keeney, Mary
Lalanne, Florian
Landbeck, Alexander
Lerner, Christina
Maurini, Claudia
Mukhopadhyay, Mayukh
Serra, Xavier
Stevens, Luc
Vasardani, Melina
van der Ven, Menno
Vonessen, Benjamin
Year of Publication: 
2018
Series/Report no.: 
ECB Occasional Paper 207
Abstract: 
Since the global financial crisis, the Global Financial Safety Net (GFSN), traditionally consisting mainly of countries' own foreign exchange reserves with the International Monetary Fund (IMF) acting as a backstop, has expanded significantly with the continued accumulation of reserves, the sharp increase of swap lines between central banks, and the further development and creation of new Regional Financing Arrangements (RFAs). RFAs have expanded, reaching an aggregate size comparable to that of the IMF and becoming an integral layer of the safety net. Enhancing the cooperation between the IMF and RFAs so that they play complementary roles in case of global distress, becomes critical in order to further strengthen the multi-layered GFSN, while paying attention to issues such as moral hazard, stigma or exit strategies in connection with IMF-RFA cooperation. This paper presents recent experience and lessons learned in IMF-RFA cooperation and proposes how to improve their future interaction.
Subjects: 
Global Financial Safety Net
Regional Financing Arrangements
International Monetary Fund
moral hazard
stigma
exit strategies
JEL: 
F33
F34
F53
F55
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3366-7
Document Type: 
Research Report
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