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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.

Suggested Citation

  • Barry Eichengreen, 2011. "International Policy Coordination: The Long View," NBER Working Papers 17665, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:17665
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    References listed on IDEAS

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    1. Marc Flandreau, 1997. "Central Bank Cooperation in Historical Perspective: A Sceptical View," Economic History Review, Economic History Society, vol. 50(4), pages 735-763, November.
    2. Nikolaus Wolf, 2010. "Europe's Great Depression: coordination failure after the First World War," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 339-369, Autumn.
    3. Gallarotti, Guilio M., 1995. "The Anatomy of an International Monetary Regime: The Classical Gold Standard 1880-1914," OUP Catalogue, Oxford University Press, number 9780195089905.
    4. 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.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    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 2012-05-31 03:24:08

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    Cited by:

    1. Robert B. Kahn & Ellen E. Meade, 2016. "International Aspects of Central Banking : Diplomacy and Coordination," Finance and Economics Discussion Series 2016-062, Board of Governors of the Federal Reserve System (U.S.).
    2. Jawadi, Fredj & Mallick, Sushanta K. & Sousa, Ricardo M., 2016. "Fiscal and monetary policies in the BRICS: A panel VAR approach," Economic Modelling, Elsevier, vol. 58(C), pages 535-542.

    More about this item

    JEL classification:

    • F0 - International Economics - - General
    • F3 - International Economics - - International Finance
    • N0 - Economic History - - General

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