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IRC Taskforce on IMF Issues

27 March 2018
OCCASIONAL PAPER SERIES - No. 207
IRC Taskforce on IMF Issues
    Details
    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.
    JEL Code
    F33 : International Economics→International Finance→International Monetary Arrangements and Institutions
    F34 : International Economics→International Finance→International Lending and Debt Problems
    F53 : International Economics→International Relations, National Security, and International Political Economy→International Agreements and Observance, International Organizations
    F55 : International Economics→International Relations, National Security, and International Political Economy→International Institutional Arrangements