Munich Personal RePEc Archive

Un Fondo de Reservas Regional para América Latina

Titelman, Daniel and Vera, Cecilia and Carvallo, Pablo and Perez Caldentey, Esteban (2012): Un Fondo de Reservas Regional para América Latina.

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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.

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