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The need and scope for strengthening co-operation between regional financing arrangements and the IMF

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  • Volz, Ulrich

Abstract

This article makes the case for strengthening co-operation between regional financing arrangements (RFAs) and the International Monetary Fund (IMF), and examines ways to do so. It argues that ex ante co-operation between RFAs and the IMF is needed to reduce the risk of co-operation failing in the middle of a crisis, to help avoid “forum shopping” and institutional arbitrage, to prevent weakening the IMF’s role as the guardian of global financial stability, to minimise duplication, and to generate mutual benefits from a division of labour and specialisation based on the comparative advantages of the respective institutions. It calls for guidelines for organising the inter-institutional relations between the IMF and RFAs, a clear division of labour in crisis lending, and co-operation and exchange in surveillance and analysis. Co-operation with RFAs should be seen as a chance for the IMF to overcome its stigmatisation, strengthen its global role and ensure its continued relevance.

Suggested Citation

  • Volz, Ulrich, 2012. "The need and scope for strengthening co-operation between regional financing arrangements and the IMF," IDOS Discussion Papers 15/2012, German Institute of Development and Sustainability (IDOS).
    • Handle: RePEc:zbw:diedps:152012
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    References listed on IDEAS

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    Cited by:

    1. Cheng, Gong & Lennkh, Rudolf Alvise, 2018. "RFAs' Financial Structures and Lending Capacities: a Statutory, Accounting and Credit Rating Perspective," MPRA Paper 95754, University Library of Munich, Germany.
    2. Ulrich volz, 2012. "Strengthening Cooperation between Regional Financing," Papers and Proceedings 11855, Fondo Latino Americano de Reservas - FLAR.
    3. IRC Taskforce on IMF Issues, 2018. "Strengthening the Global Financial Safety Net," Occasional Paper Series 207, European Central Bank.
    4. Ulrich Volz, 2013. "Lessons of the European crisis for regional monetary and financial integration in East Asia," Asia Europe Journal, Springer, vol. 11(4), pages 355-376, December.
    5. Andone, Irina & Scheubel, Beatrice, 2019. "Once bitten: new evidence on the link between IMF conditionality and IMF stigma," Working Paper Series 2262, European Central Bank.

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