"What
Do We Know About the Global Financial Safety Net? A New Comprehensive Data
Set" 
CESifo Working Paper Series No. 6184
CESifo Working Paper Series No. 6184
BEATRICE D. SCHEUBEL, European Central
Bank (ECB), Ludwig Maximilian University of Munich - Center for Economic
Studies (CES)
Email: scheubel@lmu.de
LIVIO STRACCA, European Central Bank (ECB)
Email: Livio.Stracca@ecb.europa.eu
Email: scheubel@lmu.de
LIVIO STRACCA, European Central Bank (ECB)
Email: Livio.Stracca@ecb.europa.eu
This
paper critically reviews the theoretical basis for the provision of the global
financial safety net (GFSN) and provide a comprehensive database covering four
elements of the GFSN (foreign exchange reserves, IMF financing, central bank
swap lines and regional financing arrangements) for over 150 countries in the
sample period 1960-2015. This paper also presents some key stylised facts
regarding the provision of GFSN financing and compares macroeconomic outcomes
in capital flow reversal episodes depending on how much GFSN financing was
available to countries. Finally, this paper concludes with some avenues for
further research on the possible evolution of the GFSN.
