The Theory and Practice of International Policy Coordination: Does Coordination Pay?
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.
|Date of creation:||Jul 1989|
|Date of revision:|
|Contact details of provider:|| Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.|
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820
|Order Information:|| Email: |
When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:325. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.