Obstacles To International Policy Coordination And How To Overcome Them
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Obstacles To International Policy Coordination And How To Overcome Them
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Author : Mr.Jonathan David Ostry
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-12
Obstacles To International Policy Coordination And How To Overcome Them written by Mr.Jonathan David Ostry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-12 with Business & Economics categories.
In bilateral and multilateral surveillance, countries are often urged to consider alternative policies that would result in superior outcomes for the country itself and, perhaps serendipitously, for the world economy. While it is possible that policy makers in the country do not fully recognize the benefits of proposed alternative policies, it is also possible that the existing policies are the best that they can deliver, given their various constraints, including political. In order for the policy makers to be able and willing to implement the better policies some quid pro quo may be required—such as a favorable policy adjustment in the recipients of the spillovers; identifying such mutually beneficial trades is the essence of international policy coordination. We see four general guideposts in terms of the search for globally desirable solutions. First, all parties need to identify the nature of spillovers from their policies and be open to making adjustments to enhance net positive spillovers in exchange for commensurate benefits from others; but second, with countries transparent about the spillovers as they see them, an honest broker is likely to be needed to scrutinize the different positions, given the inherent biases at the country level. Third, given the need for policy agendas to be multilaterally consistent, special scrutiny is needed when policies exacerbate global imbalances and currency misalignments; and fourth, by the same token, special scrutiny is also needed when one country’s policies has a perceptible adverse impact on financial-stability risks elsewhere.
What Are The Obstacles To International Policy Coordination What Should Be Done
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Author : Mr. Jonathan David Ostry
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-11
What Are The Obstacles To International Policy Coordination What Should Be Done written by Mr. Jonathan David Ostry and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-11 with Business & Economics categories.
In bilateral and multilateral surveillance, countries are often urged to consider alternative policies that would result in superior outcomes for the country itself and, perhaps serendipitously, for the world economy. While it is possible that policy makers in the country do not fully recognize the benefits of proposed alternative policies, it is also possible that the existing policies are the best that they can deliver, given their various constraints, including political. In order for the policy makers to be able and willing to implement the better policies some quid pro quo may be required—such as a favorable policy adjustment in the recipients of the spillovers; identifying such mutually beneficial trades is the essence of international policy coordination. We see four general guideposts in terms of the search for globally desirable solutions. First, all parties need to identify the nature of spillovers from their policies and be open to making adjustments to enhance net positive spillovers in exchange for commensurate benefits from others; but second, with countries transparent about the spillovers as they see them, an honest broker is likely to be needed to scrutinize the different positions, given the inherent biases at the country level. Third, given the need for policy agendas to be multilaterally consistent, special scrutiny is needed when policies exacerbate global imbalances and currency misalignments; and fourth, by the same token, special scrutiny is also needed when one country’s policies has a perceptible adverse impact on financial-stability risks elsewhere.
International Policy Coordination And Exchange Rate Fluctuations
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Author : William H. Branson
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
International Policy Coordination And Exchange Rate Fluctuations written by William H. Branson and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Reference categories.
Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.
Dealing With The Challenges Of Macro Financial Linkages In Emerging Markets
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Author : Otaviano Canuto
language : en
Publisher: World Bank Publications
Release Date : 2013-10-29
Dealing With The Challenges Of Macro Financial Linkages In Emerging Markets written by Otaviano Canuto and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-29 with Business & Economics categories.
This book deals with the challenges of macro financial linkages in the emerging markets.
Monetary Policy Coordination And The Role Of Central Banks
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Author : Rakesh Mohan
language : en
Publisher: International Monetary Fund
Release Date : 2014-04-29
Monetary Policy Coordination And The Role Of Central Banks written by Rakesh Mohan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-29 with Business & Economics categories.
The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.
International Coordination Of National Stabilization Policies
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Author : Ralph C. Bryant
language : en
Publisher: Brookings Institution Press
Release Date : 1995-10-01
International Coordination Of National Stabilization Policies written by Ralph C. Bryant and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-10-01 with Business & Economics categories.
As cross-border transactions and economic integration among nations have increased, formerly neglected differences among the domestic economic policies of nations have become progressively exposed to international scrutiny. National governments trying to pursue autonomous polices have found their decisions more difficult and the consequences of their decisions more uncertain. These trends have in turn provoked debate about whether governments should cooperate more fully when making their policy decisions. In this book, part of the Integrating National Economies series, Ralph A. Bryant considers how much national governments might benefit from coordination of their macroeconomic stabilization polices, the circumstances in which they might cooperation; and how ambitious that cooperation should be. Bryant argues that the potential benefits of attempted coordination are often greater than the potential risks. When national decisionmakers take into account the cross-border spillovers of their actions, and especially if the are prepared to consider mutually beneficial adjustments of their policy instruments, each cooperating nation may be able to attain higher levels of welfare. Bryant discusses circumstances in which efforts to coordinate could prove counterproductive. On the whole, however, he contends that efforts to coordinate policies internationally typically deserve examination and, frequently, can be expected to advance the common interests of nations' citizens. Bryant identifies and analyzes different forms of intergovernmental cooperation for monetary, fiscal, and exchange rate policies. One of the contributors of the book compares and evaluates three different analytical perspectives: the traditional policy-optimization approach favored by economists, the rule analysis of international regime environments, and the institutional analysis developed by scholars of international relations and political science. The book concludes with an o
Challenges For Economic Policy Coordination Within European Monetary Union
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Author : Andrew J. Hughes Hallett
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-06-29
Challenges For Economic Policy Coordination Within European Monetary Union written by Andrew J. Hughes Hallett and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-29 with Political Science categories.
The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.
The Prospects Of Common Concern Of Humankind In International Law
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Author : Thomas Cottier
language : en
Publisher: Cambridge University Press
Release Date : 2021-05-13
The Prospects Of Common Concern Of Humankind In International Law written by Thomas Cottier and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-13 with Business & Economics categories.
Presents the emerging principle of Common Concern of Humankind as legal response and to serious collective action crises.
Monetary Stability As A Common Concern In International Law
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Author : Lucía Satragno
language : en
Publisher: BRILL
Release Date : 2022-02-28
Monetary Stability As A Common Concern In International Law written by Lucía Satragno and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-28 with Law categories.
The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.
Global Economic Modeling
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Author : Pauly Peter
language : en
Publisher: World Scientific
Release Date : 2018-04-24
Global Economic Modeling written by Pauly Peter and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-24 with Business & Economics categories.
Global econometric models have a long history. From the early 1970s to the present, as modeling techniques have advanced, different modeling paradigms have emerged and been used to support national and international policy making. One purpose of this volume -- based on a conference in recognition of the seminal impact of Nobel Prize winner in Economic Sciences Lawrence R Klein, whose pioneering work has spawned the field of international econometric modeling -- is to survey these developments from today's perspective. A second objective of the volume is to shed light on the wide range of attempts to broaden the scope of modeling on an international scale. Beyond new developments in traditional areas of the trade and financial flows, the volume reviews new approaches to the modeling of linkages between macroeconomic activity and individual economic units, new research on the analysis of trends in income distribution and economic wellbeing on a global scale, and innovative ideas about modeling the interactions between economic development and the environment. With the expansion of elaborated economic linkages, this volume makes an important contribution to the evolving literature of global econometric models.