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
Macroeconomics and Monetary Policy

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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