Financial Integration with and without International Policy Coordination
AbstractThis paper studies an economy in which financial integration increases world welfare in the presence of international policy coordination but decreases world welfare in its absence. This happens because financial integration enhances the impact of domestic government policies on foreigners, which increases welfare losses from noncooperative policymaking. The policy message is that financial integration can be successful if and only if governments agree to coordinate their macroeconomic policies. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 38 (1997)
Issue (Month): 3 (August)
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Other versions of this item:
- Roberto Chang, 1993. "Financial integration with and without international policy coordination," Working Paper 93-13, Federal Reserve Bank of Atlanta.
- Chang, Roberto, 1989. "Financial Integration With And Without International Policy Coordination," Working Papers 89-29, C.V. Starr Center for Applied Economics, New York University.
- Chang, Roberto, 1991. "Financial Integration with and without International Policy Coordination," Working Papers 91-67, C.V. Starr Center for Applied Economics, New York University.
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- Devereux, Michael B. & Min Lee, Khang, 1999. "Endogenous trade policy and the gains from international financial markets," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 35-59, February.
- Peter Mooslechner & Martin Schuerz, 1999. "International Macroeconomic Policy Coordination: Any Lessons for EMU? A Selective Survey of the Literature," Empirica, Springer, vol. 26(3), pages 171-199, September.
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