The last issue of the Economic Commission for Latin America and the Caribbean (ECLAC) journal, CEPAL Review, has a paper on extending Latin American Reserve Fund (FLAR; Spanish acronym). The topic of regional reserve funds has been in the news as a result of the Contingent Reserve Fund proposed by the BRICS last month.
From the abstract:
"This paper analyses the viability, implications and challenges of expanding the Latin American Reserve Fund (FLAR) to Argentina, Brazil, Chile, Mexico and Paraguay. A regional reserve fund should be viewed as one of a broad range of mechanisms offered by the international financial architecture to address balance-of-payment difficulties. A fund with resources of between US$ 9 and US$ 10 billion at its disposal would be able to cover the potential funding needs of its members in the most likely scenarios, without necessarily becoming the lender of last resort for all its members. In more extreme scenarios, the fund should be able to "broaden its shoulders" by drawing on other components of the international financial architecture. Fund governance would present the main challenge resulting from an increase in the number of members."
Download paper here.