La Follette Seminar: Regional Financing Arrangements in the Global Financial Safety Net: State of Play, New Developments, and Cooperation
At the height of the Global Financial Crisis, G20 countries called for strengthening the Global Financial Safety Net (GFSN) to mobilize resources – from the national, regional, and global levels – for the sovereign states facing financial strains. Since then, the overall size and coverage of the multi-layered GFSN have expanded significantly.
Gong Cheng, a senior economist at the European Stability Mechanism, will provide an overview of recent GFSN developments with a focus on the role of regional financial arrangements (RFAs), a relatively less known component of it. He also will discuss opportunities for enhancing cooperation among the GFSN’s layers, especially between RFAs and the International Monetary Fund.
Gong Cheng, PhD
Senior Economist, European Stability Mechanism
Cheng, a collaborator of La Follette School Professor Menzie Chinn, previously was an economist in the International Macroeconomics Division at the Banque de France. His research focuses on international macroeconomics and finance, especially cross-border capital flows, the IMF, regional financing arrangements, and sovereign debt restructuring.
Related article: "For a few dollars more: Reserves and growth in times of crises." Journal of International Money and Finance 52 (2015): 127-145. By Matthieu Bussière, Gong Cheng, Menzie D. Chinn, and Noëmie Lisack