000			02075nab a2200193 4500
999			_c10634 _d10634
003			OSt
005			20200923111516.0
007			cr aa aaaaa
008			200917b ||||| |||| 00| 0 eng d
100			_a Kring , William N. _930340
245			_aLeaving the Nest: The Rise of Regional Financial Arrangements and the Future of Global Governance
260			_bWiley, _c2019.
300			_aVol.50, Issue 1, 2019:(72-95 p.)
520			_aThis article examines the impact of regional financial arrangements (RFAs) on the global liquidity regime. It argues that the design of RFAs could potentially alter the global regime, whether by strengthening it and making it more coherent or by decentring the International Monetary Fund (IMF) and destabilizing it. To determine possible outcomes, this analysis deploys a ‘middle‐up’ approach that focuses on the institutional design of these RFAs. It first draws on the rational design of institutions framework to identify the internal characteristics of RFAs that are most relevant to their capabilities and capacities. It then applies these insights to the interactions of RFAs with the IMF, building on Aggarwal's (1998) concept of ‘nested’ versus ‘parallel’ institutions, to create an analytical lens through which to assess the nature and sustainability of nested linkages. Through an analysis of the Chiang Mai Initiative Multilateralization (CMIM) and the Latin American Reserve Fund (FLAR), the article demonstrates the usefulness of this lens. It concludes by considering three circumstances in which fault lines created by these RFAs’ institutional design could be activated, permitting an institution to ‘leave the nest’, including changing intentions of principals, creation of parallel capabilities and facilities, and failure of the global regime to address regional needs in a crisis.
700			_a Grimes, William W. _930363
773	0		_08737 _915395 _dWest Sussex John Wiley & Sons Ltd. 1970 _tDevelopment and change _x0012-155X
856			_uhttps://doi.org/10.1111/dech.12471
942			_2ddc _cART