International Policy Coordination in Historical Perspective: A View from the Interwar Years
In: International Economic Policy Coordination
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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- Hamada, Koichi, 1976. "A Strategic Analysis of Monetary Interdependence," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 677-700, August.
- Jurg Niehans, 1968. "Monetary and Fiscal Policies in Open Economies under Fixed Exchange Rates: An Optimizing Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 893.
- 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.).
- John Redmond, 1980. "An Indicator of the Effective Exchange Rate of the Pound in the Nineteen-Thirties," Economic History Review, Economic History Society, vol. 33(1), pages 83-91, 02.
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