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Concluding Remarks

In: Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations

Author

Listed:
  • Joseph Plasmans

    (University of Antwerp, Belgium and Tilburg University)

  • Jacob Engwerda

    (Tilburg University)

  • Bas van Aarle

    (University of Maastricht)

  • Giovanni di Bartolomeo

    (University of Rome “La Sapienza”)

  • Tomasz Michalak

    (University of Antwerp)

Abstract

International macroeconomic policy coordination is an important, but complex topic. The practice of international policy coordination has not been without disappointments, fuelling the arguments of sceptics to propagate a laissez-faire approach instead. A laissez-faire approach, however, ignores that in an increasingly integrated and global world economy, there are significant positive and negative externalities. Economic externalities create the scope and scale for coordinated policies in order to outperform upon a setting with non-cooperative policies. Or putting it in a more negative manner: in case of non-cooperative policies, policymakers -purposely or not- impose with their policies externalities upon each other, since their individual policy decisions do not take account of the consequences for other policymakers. In other words a non-cooperative setting is unlikely to deliver optimal outcomes.

Suggested Citation

  • Joseph Plasmans & Jacob Engwerda & Bas van Aarle & Giovanni di Bartolomeo & Tomasz Michalak, 2006. "Concluding Remarks," Dynamic Modeling and Econometrics in Economics and Finance, in: Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations, pages 303-307, Springer.
    • Handle: RePEc:spr:dymchp:978-0-387-27931-2_9
    DOI: 10.1007/0-387-27931-8_9
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