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Crisis finance in Eurasia: the Eurasian Fund for Stabilization and Development

In: The Elgar Companion to the Eurasian Economic Union

Author

Listed:
  • Barbara Fritz
  • Laurissa Mühlich

Abstract

The global monetary and financial system does not sufficiently contain economic volatility. Therefore, particularly developing and emerging market economies have created regional financial arrangements (RFAs) to shield against economic and financial volatility. The Eurasian Fund for Stabilization and Development (EFSD) is one of them. This chapter examines the EFSD in comparison to lending capacity, lending policies, and governance mechanisms of RFAs in other regions. In the third part, this chapter empirically analyses how EFSD member countries utilize their RFAs in times of balance of payments difficulties, and evaluates the role of the EFSD in preventing and backstopping financial crises in Eurasia. We find that due to its sheer large financial size for its small members, the EFSD is, or least can be an essential tool for, macroeconomic stability in the region. At the same time, we find that given its size, borrowing member countries could use the EFSD more actively for crisis prevention and backstop. To achieve this, a less asymmetric and more independent governance structure might strengthen the EFSD’s use and crisis prevention capacity for its member countries.

Suggested Citation

  • Barbara Fritz & Laurissa Mühlich, 2024. "Crisis finance in Eurasia: the Eurasian Fund for Stabilization and Development," Chapters, in: Alexander Libman & Evgeny Vinokurov (ed.), The Elgar Companion to the Eurasian Economic Union, chapter 8, pages 108-121, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20161_8
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800375000.00017
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