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Reforming payments and securities settlement systems in Latin America and the Caribbean
In the Latin America and Caribbean Region (LAC) efforts to raise the awareness of the importance of modernizing national payments systems were formalized in 1999 through the \"Western Hemisphere Payments and Securities Clearance and Settlement Initiative\" (WHI), dedicated to the assessment of payments and securities settlement systems in the LAC countries. This book extracts the main lessons and experiences of the WHI. It describes major trends in payments and securities settlement systems worldwide and undertakes an assessment of LAC systems in relation to international standards and best practices.
eBook
Towards regional monetary cooperation in East Asia: lessons from other parts of the world
This paper discusses regional monetary cooperation for East Asia, by drawing lessons from the European Payments Union, the CFA Franc Zone and the Arab Monetary Fund. Along with the well‐known experience of the European Monetary System, these experiences suggest that effective monetary cooperation should include: (1) a surveillance mechanism; (2) a regional financing facility; (3) a common unit of account; and (4) exchange rate coordination. In East Asia, the existing mechanisms of regional surveillance must be strengthened, and the liquidity support mechanism under the Chiang Mai Initiative must evolve into a common pool of foreign exchange reserves. Over the longer term, the region may need to create its own common unit of account and to develop a framework for exchange rate coordination. Copyright © 2005 John Wiley & Sons, Ltd.
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