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International Policy Coordination In Historical Perspective: A View From The Interwar Years

In: International Economic Policy Coordination

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  • Barry Eichengreen

Abstract

This paper examines the international financial relations of the interwar period to see what light this experience sheds on current concerns over international policy coordination. The analysis proceeds in three parts. The first part considers the role for policy coordination as viewed by contemporaries at the start of the period; it takes as a case study the Genoa Economic and Financial Conference of 1922. Efforts at Genoa to coordinate policies ended in failure; the second part therefore considers the effects of noncooperative strategies within the framework of the interwar gold standard. The analytical model developed in this section suggests that the failure to coordinate policies lent a deflationary bias to the world economy which may have contributed to the onset of the Great Depression. The third part asks what policy-makers learned from this failure to coordinate policies, taking evidence from the next effort to establish a framework for international financial collaboration: the Tripartite Monetary Agreement of 1936.

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This chapter was published in:

  • Willem H. Buiter & Richard C. Marston, 1985. "International Economic Policy Coordination," NBER Books, National Bureau of Economic Research, Inc, number buit85-1.
    This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 4134.

    Handle: RePEc:nbr:nberch:4134

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    1. Kenneth S. Rogoff, 1983. "Productive and counterproductive cooperative monetary policies," International Finance Discussion Papers 233, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:
    1. Barry Eichengreen, 1987. "Hegemonic Stability Theories of the International Monetary System," NBER Working Papers 2193, National Bureau of Economic Research, Inc.
    2. Barry Eichengreen, 1991. "Designing a Central Bank for Europe: A Cautionary Tale From the Early Years of the Federal Reserve System," NBER Working Papers 3840, National Bureau of Economic Research, Inc.
    3. Robert B. Barsky & N. Gregory Mankiw & Jeffrey A. Miron & David N. Weil, 1987. "The Worldwide Change in the Behavior of Interest Rates and Prices in 1914," NBER Working Papers 2344, National Bureau of Economic Research, Inc.
    4. Eichengreen, Barry, 1989. "The Comparative Performance of Fixed and Flexible Exchange Rate Regimes: Interwar Evidence," CEPR Discussion Papers 349, C.E.P.R. Discussion Papers.
    5. 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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