The Enlarged Global Financial Safety Net
Vinokurov E. Levenkov A.
February 2021Blackwell Publishing Ltd
Global Policy
2021#12Issue 115 - 23 pp.
The institutions and instruments of the Global Financial Safety Net (GFSN) represent the part of the global financial architecture that is responsible for providing an anti-crisis and stabilization support to the countries in need. We argue that the standard understanding of the GFSN as a system consisting of four layers – national reserves, bilateral swaps, regional financing arrangements and the IMF – demands rethinking. We suggest the concept of an enlarged GFSN, namely its expansion by two additional elements – multilateral development banks and bilateral financial support. Both elements of the international financial architecture are partly involved in providing an anti-crisis and macroeconomic stabilization support at concessional terms. We demonstrate how the enlarged GFSN functions, including at the time of the COVID-19 crisis.
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Eurasian Development Bank, Kazakhstan
Eurasian Development Bank
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