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Multilateral institutions for international economic policy coordination: bargaining vs voting

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  • Antonio J. Morales

    ()
    (Universidad de Málaga, Plaza el Ejido s/n, 29013 Málaga, Spain CEMFI and CEPR, CEMFI, Casado del Alisal 5, 28014 Madrid, Spain)

  • A. Jorge Padilla

    ()
    (Universidad de Málaga, Plaza el Ejido s/n, 29013 Málaga, Spain CEMFI and CEPR, CEMFI, Casado del Alisal 5, 28014 Madrid, Spain)

Abstract

We study a world economy where worldwide policy coordination is essential to optimally stabilize unfavorable common supply shocks. We develop a two-stage game to investigate how to implement the first-best response to these shocks via a multilateral institution, whose board of directors is composed of a representative per each member country. In a first stage, national governments nominate their representatives on the board. In a second stage, the board collectively chooses stabilization policies. We compare the relative merits of two collective choice mechanisms - bargaining and majority voting - in avoiding manipulation of the cooperative agreement through the strategic nomination of national representatives.

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Bibliographic Info

Article provided by Springer in its journal Spanish Economic Review.

Volume (Year): 1 (1999)
Issue (Month): 3 ()
Pages: 263-282

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Handle: RePEc:spr:specre:v:1:y:1999:i:3:p:263-282

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Keywords: Bargaining; coordination; institutions; majority voting; stabilization policy;

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