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Un Fondo de Reservas Regional para América Latina
[A Regional Reserve Fund for Latin America]

Author

Listed:
  • Titelman, Daniel
  • Vera, Cecilia
  • Carvallo, Pablo
  • Perez Caldentey, Esteban

Abstract

This paper analyzes the feasibility, implications and challenges of expanding the current Latin American Reserve Fund (FLAR) to include five other countries: Argentina, Brasil, Chile, México and Paraguay. The paper argues that regional reserve funds should not be conceived as a unique line of defense to confront Balance of Payments difficulties. They are an integral part of a wider set of financial instruments and support mechanisms. They contribute to fill an important gap in the international financial architecture by providing additional lines of defense within a multi-layered system of financial cooperation.

Suggested Citation

  • Titelman, Daniel & Vera, Cecilia & Carvallo, Pablo & Perez Caldentey, Esteban, 2012. "Un Fondo de Reservas Regional para América Latina [A Regional Reserve Fund for Latin America]," MPRA Paper 42614, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:42614
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    References listed on IDEAS

    as
    1. Agosin, Manuel R., 2001. "Fortalecimiento de la cooperación financiera regional," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    2. Aizenman, Joshua & Edwards, Sebastian & Riera-Crichton, Daniel, 2012. "Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies," Journal of International Money and Finance, Elsevier, vol. 31(8), pages 1990-2016.
    3. José Antonio Ocampo & Daniel Titelman, 2012. "Regional Monetary Cooperation in Latin America," Finance Working Papers 23324, East Asian Bureau of Economic Research.
    4. C. Randall Henning, 2011. "Coordinating Regional and Multilateral Financial Institutions," Working Paper Series WP11-9, Peterson Institute for International Economics.
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    Cited by:

    1. IRC Taskforce on IMF Issues, 2018. "Strengthening the Global Financial Safety Net," Occasional Paper Series 207, European Central Bank.

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    More about this item

    Keywords

    Fondo de reservas; Amaerica Latina; FLAR;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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