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The Theory and Practice of International Policy Coordination: Does Coordination Pay?

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  • Currie, David
  • Holtham, Gerald
  • Hughes, Gordon
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    Abstract

    This paper is a review of the theory and practice of international economic policy coordination. Coordination is defined as the joint control of some economic policies by several countries. We review the experience and the preferences of policymarkers for coordination since the War, and distinguish between the relative gains and the absolute gains. We then consider the evidence, from the academic literature, as to whether coordination is likely to pay, and we pick out some particular problems which make the policy design problem very difficult. Given that, we suggest a framework for coordinated policies involving a rule-based exchange rate management scheme aimed principally at capturing the gains of relative coordination.

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    File URL: http://www.cepr.org/pubs/dps/DP325.asp
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    Bibliographic Info

    Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 325.

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    Date of creation: Jul 1989
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    Handle: RePEc:cpr:ceprdp:325

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    Related research

    Keywords: International Policy; Policy Coordination;

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    Cited by:
    1. Fabrice Capoen & Jérôme Creel, 2007. "Efficiency of stability-oriented institutions: the European case," Sciences Po publications N°2007-06, Sciences Po.
    2. Albert Mafusire & Zuzana Brixiova, 2012. "Working Paper 156 - Macroeconomic Shock Synchronization in the East African Community," Working Paper Series 432, African Development Bank.
    3. Andrew Hughes-Hallett & Patrick Minford, 1990. "Target zones and exchange rate management: A stability analysis of the European Monetary System," Open Economies Review, Springer, vol. 1(2), pages 175-200, June.
    4. Otmar Issing, 2002. "Anmerkungen zur Koordinierung der makroökonomischen Politik in der WWU," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 71(3), pages 312-324.
    5. A.J. Hallet, 1998. "When Do Target Zones Work? An Examination of Exchange Rate Targeting as a Device for Coordinating Economic Policies," Open Economies Review, Springer, vol. 9(2), pages 115-138, April.
    6. George Alogoskoufis & Richard Portes, 1991. "International Costs and Benefits from EMU," NBER Working Papers 3384, National Bureau of Economic Research, Inc.
    7. 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.
    8. Lockwood, Ben, 1996. "Uniqueness of Markov-perfect equilibrium in infinite-time affine-quadratic differential games," Journal of Economic Dynamics and Control, Elsevier, vol. 20(5), pages 751-765, May.
    9. Alexander Italianer, 1999. "The Euro and Internal Economic Policy Coordination," Empirica, Springer, vol. 26(3), pages 201-216, September.

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