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Should there be a coordinated response to the problem of global imbalances? Can there be one?

  • Barry Eichengreen

This paper analyzes the options for international policy coordination in order to redress the global imbalances. The case for policy coordination rests on a number of assumptions such as the existence of important spillover effects of national policies and a common understanding of the nature of the problem. In reality, important obstacles exist to get to effective policy coordination, including resistance from domestic interest groups and disagreement of the effectiveness of policy instruments. These obstacles can be reduced by developing a multilateral consensus on common goals and by addressing commitment problems via issuing multi-year schedules for policy adjustments.

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File URL: http://www.un.org/esa/desa/papers/2008/wp69_2008.pdf
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Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 69.

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Length: 28 pages
Date of creation: Sep 2008
Date of revision:
Handle: RePEc:une:wpaper:69
Contact details of provider: Web page: http://www.un.org/en/development/desa/working-papers.html
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  1. Menzie Chinn & Jeffrey Frankel, 2005. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," NBER Working Papers 11510, National Bureau of Economic Research, Inc.
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  12. Barry Eichengreen, 2004. "Global Imbalances and the Lessons of Bretton Woods," NBER Working Papers 10497, National Bureau of Economic Research, Inc.
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