Vinokurov E., Efimov A., Levenkov A. (2019) The Eurasian Fund for Stabilization and Development: a Regional Financing Arrangement and its Place in the Global Financial Safety Net. EFSD Working Paper 19/1. EDB: Moscow.
The purpose of the paper is to eliminate gaps in understanding of the dynamics of the EFSD development and its role in the financial architecture of the region and the GFSN. To do this, we supply the global expert community with a detailed assessment of the Fund’s activities, its role in the region, and the dynamics of its development. Second, we must show the role of the Fund as a reliable and responsible partner of the shareholder countries and as an important element of the GFSN in the region of operations. To do this, we will review the EFSD’s specific tasks and its distinctive features in comparison with other RFAs. The document comprises six sections. For a better understanding of the distinctive features of the region and the corresponding challenges and conditions of the Fund’s work, the second section presents an overview of the Fund’s member states with their specific socio-economic characteristics and an analysis of their interests with respect to the EFSD. Section 3 provides an analysis of the main stages of establishing the Fund and the current profound changes in its activities. Then the role and place of the Fund in the GFSN are described (Section 4) and its operating activities are analysed (Section 5). The last section focuses on the development of a network of international partnerships (Section 6). The three Annexes provide information about the Fund’s programmes (Annex 1), corporate governance and the decision-making system (Annex 2), and the development of macroeconomic expertise, its macroeconomic models and public research (Annex 3).