The institutions and instruments of the Global Financial Safety Net (GFSN) represent the part of the global financial architecture that is responsible for providing an anti‐crisis and stabilization support to the countries in need. We argue that the standard understanding of the GFSN as a system consisting of four layers – national reserves, bilateral swaps, regional financing arrangements and the IMF – demands rethinking. We suggest the concept of an enlarged GFSN, namely its expansion by two additional elements – multilateral development banks and bilateral financial support. Both elements of the international financial architecture are partly involved in providing an anti‐crisis and macroeconomic stabilization support at concessional terms. We demonstrate how the enlarged GFSN functions, including at the time of the COVID‐19 crisis.

中文翻译：

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扩大的全球金融安全网

全球金融安全网（GFSN）的机构和工具代表了全球金融架构的一部分，该机构负责为有需要的国家提供抗危机和稳定支持。我们认为，对GFSN作为一个由四层组成的系统（国家储备，双边互换，区域融资安排和IMF）的标准理解，需要重新考虑。我们建议扩大GFSN的概念，即通过两个额外的要素进行扩展-多边开发银行和双边金融支持。国际金融架构的这两个要素都以优惠条件部分参与了提供反危机和宏观经济稳定的支持。我们演示了扩大的GFSN的功能，包括在发生COVID-19危机时。