Economic policy coordination among industrialized nations
In: The Department of State bulletin: the official weekly record of United States Foreign Policy, Band 86, S. 61-64
ISSN: 0041-7610
In: The Department of State bulletin: the official weekly record of United States Foreign Policy, Band 86, S. 61-64
ISSN: 0041-7610
This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. TOC:Part One. The World of Two Monetary Regions: Basic Models.- Part Two. The World of Two Monetary Regions: Intermediate Models.- Part Three. The World of Two Monetary Regions: Advanced Models.- Part Four. The World of Three Monetary Regions.- Part Five. The World of N Monetary Regions.- Part Six. Rational Policy Expectations
In: Trade, Currencies, and Finance, S. 241-298
In: The Polish quarterly of international affairs, Band 23, Heft 3, S. 19-35
ISSN: 1230-4999
World Affairs Online
In: CEPAL review, Band 2016, Heft 120, S. 31-49
ISSN: 1684-0348
In: Springer eBook Collection
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
In: The international spectator: a quarterly journal of the Istituto Affari Internazionali, Italy, Band 24, Heft 3-4, S. 214-234
ISSN: 0393-2729
SINCE 1985, INTERNATIONAL COOPERATION HAS INVOLVED MONETARY AUTHORITIES, PARTICULARLY CENTRAL BANKS, TO AN UNPRECEDENTED EXTENT IN COORDINATED ACTION IN THE FIELD OF MONETARY AND EXCHANGE RATE POLICIES. THIS FACT HAS INFLUENCED THE AUTHORS' APPROACH TO THE ISSUE OF ECONOMIC POLICY COORDINATION (EPC). THEY DO NOT OFFER A NEW MODEL OR PROVIDE A COMPREHENSIVE THEORETICAL EXPLANATION FOR THE EVENTS OF 1985-88. RATHER, THEY DESCRIBE THE PROBLEMS AND THE ACHIEVEMENTS OF EPC AS SEEN BY PRACTITIONERS OF EXCHANGE RATE AND MONETARY POLICY COORDINATION. THE FIRST SECTION OF THEIR PAPER BRIEFLY SURVEYS THE LITERATURE ON POLICY COORDINATION. THE SECOND SECTION DISCUSSES A NUMBER OF ISSUES THAT ARE CRUCIAL TO THE FEASIBILITY OF POLICY COORDINATION. THE THIRD ASSESSES THE OUTCOME OF THE EPC EXERCISE IN 1985-88, FOCUSING ON THE REACTIONS OF MONETARY AND FINANCIAL MARKETS TO THE IMPLEMENTATION OF THE COORDINATED STRATEGY, BOTH WITHIN THE G-7 AND THE EMS.
In: Central Issues in Contemporary Economic Theory and Policy
The subject of this book is the kind of economic interaction and interdependence that has arisen among nations in the contemporary world economy, the nature and significance of the pattern of trade balances that have resulted from them, and the question of what, if anything, should be done by national governments about that pattern. The need for international coordination of economic policies is also investigated.
In: Central issues in contemporary economic theory and policy
In: The European Union review, Band 13, Heft 1, S. 77-107
ISSN: 1606-8963
The present paper first takes a step backwards with an attempt to situate the adoption of this Treaty in discussion of the SGP and the "Maastricht criteria" (the criteria for EMU membership fixed in the Maastricht Treaty) in a longer perspective of the sharing of competences for macroeconomic policy making within the EU from the initial Treaty to the Maastricht Treaty and the Stability and Growth Pact (SGP). It then presents the main features of the Fiscal Treaty and its relation to the SGP and draws some conclusions as regards the importance and relevance of this new step in the process of economic policy coordination. It concludes that the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union does not seem to offer a definitive solution to the problem of finding the appropriate budgetary-monetary policy mix in the EMU already well identified in the Delors report in 1989 and regularly emphasised ever since and now seriously aggravated due to the Crisis. Furthermore, the implementation of this Treaty may under certain circumstances contribute to an increase in the uncertainties as regards the distribution of the competences between the European Parliament and national parliaments and between the former and the Commission and the Council.
BASE
In: European Law Journal, Band 22, Heft 2, S. 180-203
SSRN
In: Werkdocument
Economics; European Union - De serie 'Werkdocumenten' omvat stukken die in het kader van de werkzaamheden van de WRR tot stand zijn gekomen en die op aanvraag door de raad beschikbaar worden gesteld. De verantwoordelijkheid voor de inhoud en de ingenomen standpunten berust bij de auteurs.
In: EUI working papers / Robert Schuman Centre, 99,26
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