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International Policy Coordination: The Long View

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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17665.

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Date of creation: Dec 2011
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Publication status: published as International Policy Coordination: The Long View , Barry Eichengreen. in Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century , Feenstra and Taylor. 2014
Handle: RePEc:nbr:nberwo:17665

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  1. Endres,Anthony M. & Fleming,Grant A., 2002. "International Organizations and the Analysis of Economic Policy, 1919–1950," Cambridge Books, Cambridge University Press, number 9780521792677.
  2. Wolf, Nikolaus, 2010. "Europe’s Great Depression: Coordination Failure after the First World War," CEPR Discussion Papers 7957, C.E.P.R. Discussion Papers.
  3. 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.
  4. Toniolo,Gianni Assisted by-Name:Clement,Piet, 2005. "Central Bank Cooperation at the Bank for International Settlements, 1930–1973," Cambridge Books, Cambridge University Press, number 9780521845519.
  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, September.
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  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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