Revisiting the R5 Paradigm

... regional financing arrangements (RFAs) such as the Chiang Mai Initiative Multilateralization or FLAR. The implementation of the R5+ initiative has the potential to expand not only the scope for the use of national currencies but also with time increase the ... ... with “currency mismatches” and the fragilities associated with high levels of debt. The scope for de-dollarization in the global economy remains sizeable in view of the decades long “dollarization overstretch” and the imbalances that this has generated ...