Un fondo de reservas regional para América Latina

Produced by: 
Munich Personal RePEc Archive
Available from: 
October 2012
Paper author(s): 
Daniel Titelman
Cecilia Vera
Pablo Carvallo
Esteban Perez Caldentey
Topic: 
Macroeconomics and Monetary Policy
Year: 
2012

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.

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