Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?

Includes bibliography

Guardado en:

Detalles Bibliográficos
Autor principal:	Eichengreen, Barry
Otros Autores:	German Agency for Technical Cooperation
Formato:	Texto
Lenguaje:	English
Publicado:	ECLAC 2014
Materias:	ESTABILIZACION ECONOMICA INSTITUCIONES FINANCIERAS INTERNACIONALES MERCADOS EMERGENTES POLITICA FINANCIERA RESERVAS MONETARIAS SEGUROS SISTEMAS MONETARIOS RECURSOS FINANCIEROS ECONOMIC STABILIZATION EMERGING MARKETS FINANCIAL POLICY INSURANCE INTERNATIONAL FINANCIAL INSTITUTIONS MONETARY RESERVES MONETARY SYSTEMS FINANCIAL RESOURCES
Acceso en línea:	http://hdl.handle.net/11362/5160
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai-11362-5160
record_format	dspace
spelling	oai-11362-51602020-03-06T16:50:27Z Insurance underwriter or financial development fund: what role for reserve pooling in Latin America? Eichengreen, Barry German Agency for Technical Cooperation NU. CEPAL NU. CEPAL. División de Desarrollo Económico ESTABILIZACION ECONOMICA INSTITUCIONES FINANCIERAS INTERNACIONALES MERCADOS EMERGENTES POLITICA FINANCIERA RESERVAS MONETARIAS SEGUROS SISTEMAS MONETARIOS RECURSOS FINANCIEROS ECONOMIC STABILIZATION EMERGING MARKETS FINANCIAL POLICY INSURANCE INTERNATIONAL FINANCIAL INSTITUTIONS MONETARY RESERVES MONETARY SYSTEMS FINANCIAL RESOURCES Includes bibliography Abstract The unprecedented accumulation of international reserves by emerging markets raises the question of how to best utilize these funds; in particular if they should be held as a war chest to guard against the risk of financial crisis or if they should be used to recapitalize and strengthen weak banking systems. A third issue is if the resource cost could be limited by pooling the holdings of different central banks and if so, to what objectives should this reserve pool be put. This paper considers these questions with reference to the countries participating in the Latin American Reserve Fund (FLAR). It explores two routes through which the pooling of reserves through FLAR could enhance stability and welfare in Latin America. First, the reserve pool could be used for emergency lending in response to sudden stops. Insofar as the incidence of sudden stops differs across countries, pooling would allow the same reserves to support a larger volume of emergency lending. However, the paper discusses how such a scheme would face significant obstacles due both to the bunching of sudden stops temporally and regionally and to moral hazard problems which are stronger in the case of self-regulating entities like FLAR. The second, more promising alternative that the paper analyses, is the use of a portion of the reserve pool, along with borrowed funds, to purchase contingent debt securities issued by Latin American governments and corporations: domestic-currency inflationindexed bonds, GDP-indexed bonds, commodity-price-indexed bonds. This would help to solve the coordination/first-mover problem that limits the liquidity of markets in these instruments and hinders their acceptance by private investors. In any case, the idea is that neither initiative should be thought of in stand-alone terms. In addition to creating an expanded reserve pool for use in emergency lending, governments could also push ahead with issuing contingent debt securities that reduce their vulnerability to disturbances. 2014-01-02T15:43:43Z 2014-01-02T15:43:43Z 2006-11 Texto Documento Completo 9211216168 http://hdl.handle.net/11362/5160 LC/L.2621-P en Serie Financiamiento del Desarrollo 186 application/pdf AMERICA LATINA LATIN AMERICA ECLAC
institution	Cepal
collection	Cepal
language	English
topic	ESTABILIZACION ECONOMICA INSTITUCIONES FINANCIERAS INTERNACIONALES MERCADOS EMERGENTES POLITICA FINANCIERA RESERVAS MONETARIAS SEGUROS SISTEMAS MONETARIOS RECURSOS FINANCIEROS ECONOMIC STABILIZATION EMERGING MARKETS FINANCIAL POLICY INSURANCE INTERNATIONAL FINANCIAL INSTITUTIONS MONETARY RESERVES MONETARY SYSTEMS FINANCIAL RESOURCES
spellingShingle	ESTABILIZACION ECONOMICA INSTITUCIONES FINANCIERAS INTERNACIONALES MERCADOS EMERGENTES POLITICA FINANCIERA RESERVAS MONETARIAS SEGUROS SISTEMAS MONETARIOS RECURSOS FINANCIEROS ECONOMIC STABILIZATION EMERGING MARKETS FINANCIAL POLICY INSURANCE INTERNATIONAL FINANCIAL INSTITUTIONS MONETARY RESERVES MONETARY SYSTEMS FINANCIAL RESOURCES Eichengreen, Barry Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?
description	Includes bibliography
author2	German Agency for Technical Cooperation
author_facet	German Agency for Technical Cooperation Eichengreen, Barry
format	Texto
author	Eichengreen, Barry
author_sort	Eichengreen, Barry
title	Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?
title_short	Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?
title_full	Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?
title_fullStr	Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?
title_full_unstemmed	Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?
title_sort	insurance underwriter or financial development fund: what role for reserve pooling in latin america?
publisher	ECLAC
publishDate	2014
url	http://hdl.handle.net/11362/5160
work_keys_str_mv	AT eichengreenbarry insuranceunderwriterorfinancialdevelopmentfundwhatroleforreservepoolinginlatinamerica
_version_	1718440755310100480

Insurance underwriter or financial development fund: what role for reserve pooling in Latin America?

Ejemplares similares