Working Paper: NBER ID: w17665
Authors: 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.
Keywords: No keywords provided
JEL Codes: F0; F3
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| technical issues (C89) | cooperation (P13) |
| institutionalization (D02) | cooperation (P13) |
| preserving existing policy regimes (P26) | cooperation (P13) |
| broad comity among nations (F55) | cooperation (P13) |