러시아ㆍ유라시아
연구정보
[경제] Crisis finance in Eurasia: the Eurasian Fund for Stabilization and Development
러시아ㆍ유라시아 일반 국외연구자료 연구보고서 - The Elgar Companion to the Eurasian Economic Union 발간일 : 2024-03-20 등록일 : 2024-03-20 원문링크
The global monetary and financial system does not sufficiently contain economic volatility. Therefore, particularly developing and emerging market economies have created regional financial arrangements (RFAs) to shield against economic and financial volatility. The Eurasian Fund for Stabilization and Development (EFSD) is one of them. This chapter examines the EFSD in comparison to lending capacity, lending policies, and governance mechanisms of RFAs in other regions. In the third part, this chapter empirically analyses how EFSD member countries utilize their RFAs in times of balance of payments difficulties, and evaluates the role of the EFSD in preventing and backstopping financial crises in Eurasia. We find that due to its sheer large financial size for its small members, the EFSD is, or least can be an essential tool for, macroeconomic stability in the region. At the same time, we find that given its size, borrowing member countries could use the EFSD more actively for crisis prevention and backstop. To achieve this, a less asymmetric and more independent governance structure might strengthen the EFSD’s use and crisis prevention capacity for its member countries.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
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