Interaction of Eurasian and International Financial Institutions

Vinokurov, Evgeny (2020): Interaction of Eurasian and International Financial Institutions.

Abstract

The paper handles two Eurasian international financial institutions, the Eurasian Development Bank (EDB) and the Eurasian Fund for Stabilization and Development (EFSD), focusing on the modalities of interaction with their international counterparts, including international financial organization and multilateral development banks. We attempt to explain the reasons behind the choice of partners, modalities of interactions, underlying incentives and constraints, and varying dynamics of these two entities. For the EDB, international interaction has to do primarily with the multilateral development banks. For the EFSD, the layout is substantially more complex, as the fund positions itself as an inherent part of the Global Financial Safety Net. The paper eliminates gaps in understanding the modalities and dynamics of the EDB and EFSD’s interaction with their counterparts among international financial institutions (IFIs) and provides an explanation for the institutional logic which manifests itself in these modalities and dynamics. It covers the following questions: What are the reasons behind varying dynamics of international interactions for both institutions? What conditions the choice of institutions to cooperate with? What is the relation between competition and complementarity in these interactions?

• Item Type: MPRA Paper
• Language: English
• Keywords: international financial institutions, regional financing arrangements, multilateral development banks, development financing, international organization, global financial architecture, Global Financial Safety Net, Eurasian Development Bank, Eurasian Fund for Stabilization and Development.
• Subjects: F - International Economics > F3 - International Finance > F35 - Foreign Aid; F - International Economics > F3 - International Finance > F36 - Financial Aspects of Economic Integration; F - International Economics > F5 - International Relations, National Security, and International Political Economy > F55 - International Institutional Arrangements; H - Public Economics > H8 - Miscellaneous Issues > H87 - International Fiscal Issues ; International Public Goods

References

EDB Centre for Integration Studies (2014) Pension Mobility within the EAEU and the CIS. Report no. 24. Joint World Bank – Eurasian Development Bank project. Analytical Summary in English is available at: https://eabr.org/upload/iblock/796/edb_centre_report_24_wb_mirpal_analytical_summary_eng_1.pdf

EDB (2019) EDB Annual report 2018. EDB: Moscow. Available at: https://eabr.org/upload/iblock/fda/EABR_AR_2018_web_1_.pdf

ESM (2016) The Global Financial Safety Net through the Prism of G20 Summits. ESM: Luxembourg.

Fritz, B., Mühlich L. (2019) Regional Financial Arrangements in the Global Financial Safety Net: The Arab Monetary Fund and the Eurasian Fund for Stabilization and Development. Development and Change, 50(1): 96–121.

Grabel, I. (2019) Continuity, Discontinuity and Incoherence in the Bretton Woods Order: A Hirschmanian Reading. Development and Change, 50(1): 46–71.

Hawkins, A. J., Rahman, and T. Williamson (2014) Is the Global Financial Safety Net at a Tipping Point to Fragmentation? Economic Roundup 2014, Issue 1. Canberra: The Treasury, Australian Government. Available at: https://treasury.gov.au/publication/economic-roundup-issue-1-2014/economic-roundup-issue-1/is-the-global-financial-safety-net-at-a-tipping-point-to-fragmentation/

Henning, C.R. (2019) Regime Complexity and the Institutions of Crisis and Development Finance. Development and Change, 50(1): 24–45.

IMF (2017) Collaboration Between Regional Financing Arrangements and the IMF – Background Paper. IMF Policy Paper.

IMF (2019) World Economic Outlook. Growth Slowdown, Precarious Recovery. April 2019. IMF: Washinton D.C. Available at: https://www.imf.org/en/Publications/WEO/Issues/2019/03/28/world-economic-outlook-april-2019

IRC Taskforce on IMF Issues (2018) Strenthening the Global Financial Safety Net. Moving Relations between the IMF and Regional Financing Arrangements Forward. ECB Occasional Papers Series no 207, March. ECB: Luxembourg.

Kring, W., Gallaher, K. (2019) Strengthening the Foundations? Alternative Institutions for Finance and Development. Development and Change, 50(1): 3–23.

Lissovolik Y., Vinokurov E. (2019) Extending BRICS to BRICS+: Potential for Development Finance, Connectivity, and Financial Stability. Area Development and Policy, 4(2): 117-133.

Pomfret, R. (2009) Regional Integration in Central Asia. Economic Change and Restructuring 42(1): 47-68

RFA Joint Staff (2018) IMF-RFA Collaboration: Motives, State of Play, and Way Forward. A joint RFA staff proposal (ESM, AMF, AMRO, EFSD, EC, FLAR). October.

Scheubel, B. and Stracca, L. (2016) What do we know about the global financial safety net? Rationale, data and possible evolution. European Central Bank Occasional Paper Series #177, September.

Scheubel, B, and L Stracca (2019) What do we know about the global financial safety net? Rationale, data and possible evolution, Journal of International Money and Finance, forthcoming.

Vinokurov E. (2018) Introduction to the Eurasian Economic Union. London and New York: Palgrave Macmillan.

Vinokurov E., Efimov A., Levenkov A. (2019) The Eurasian Fund for Stabilization and Development: a Regional Financing Arrangement and its Place in the Global Financial Safety Net. EFSD Working Paper no.1. EDB: Moscow. Available at: https://efsd.eabr.org/en/research/working-papers/the-eurasian-fund-for-stabilization-and-development-a-regional-financing-arrangement-and-its-place-i/

Ulatov S., Levenkov A., Pisareva N. (2019) Achieving Stabilization and Development Objectives in a Single Agenda. EFSD Working Paper no. 2. EDB: Moscow. Available at: https://efsd.eabr.org/research/working-papers/

World Bank, Eurasian Development Bank (2009) Central Asia Development in 3-D. World Bank: Washington D.C.; EDB: Almaty.