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International Policy Coordination: The Long View

In: Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century

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  • Barry Eichengreen

Abstract

This paper places current efforts at international economic policy coordination in historical perspective. It argues that successful cooperation is most likely in four sets of circumstances. First, when it centers on technical issues. Second, when cooperation is institutionalized – when procedures and precedents create presumptions about the appropriate conduct of policy and reduce the transactions costs of reaching an agreement. Third, when it is concerned with preserving an existing set of policies and behaviors (when it is concerned with preserving a policy regime). Fourth, when it occurs in the context of broad comity among nations. These points are elaborated through a review of 150 years of historical experience and then used to assess the scope for cooperative responses to the current economic crisis.

(This abstract was borrowed from another version of this item.)

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This chapter was published in:

  • Robert C. Feenstra & Alan M. Taylor, 2013. "Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century," NBER Books, National Bureau of Economic Research, Inc, number feen11-1, October.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 12578.

    Handle: RePEc:nbr:nberch:12578

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    1. Meissner, Christopher M., 2005. "A new world order: explaining the international diffusion of the gold standard, 1870-1913," Journal of International Economics, Elsevier, vol. 66(2), pages 385-406, July.
    2. Nikolaus Wolf, 2010. "Europe's Great Depression: coordination failure after the First World War," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 339-369, Autumn.
    3. Toniolo,Gianni Assisted by-Name:Clement,Piet, 2007. "Central Bank Cooperation at the Bank for International Settlements, 1930–1973," Cambridge Books, Cambridge University Press, number 9780521043700, November.
    4. Endres,Anthony M. & Fleming,Grant A., 2002. "International Organizations and the Analysis of Economic Policy, 1919–1950," Cambridge Books, Cambridge University Press, number 9780521792677, November.
    5. Gallarotti, Guilio M., 1995. "The Anatomy of an International Monetary Regime: The Classical Gold Standard 1880-1914," OUP Catalogue, Oxford University Press, number 9780195089905.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. “Nobody said it would be easy, and nobody was right”: On the (Im)possibilities of International Policy Coordination
      by Manuel Bautista in NEP-HIS blog on 2012-05-30 22:24:08

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