International Policy Coordination: The Long View
AbstractThis 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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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17665.
Date of creation: Dec 2011
Date of revision:
Publication status: published as Barry Eichengreen. "International Policy Coordination: The Long View," in Robert C. Feenstra and Alan M. Taylor, editors, "Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century" University of Chicago Press (2014)
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Other versions of this item:
- F0 - International Economics - - General
- F3 - International Economics - - International Finance
- N0 - Economic History - - General
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- 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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