Suchergebnisse

Die Grundthese dieses Artikels lautet, daß kurzfristig auftretende Veränderungen der amerikanischen Geldpolitik, übertragen durch den internationalen Geldmarkt, die europäischen Staaten zu einer engeren Koordinierung ihrer Wechselkurs- und Geldpolitik zwang. Der Autor überprüft seine These in bezug auf die wirtschaftliche Integration innerhalb der EU, indem er vier Perioden analysiert, in denen die USA durch ihre Politik zur Stabilisierung der internationalen Geldmärkte beitrugen, und sieben Perioden, in denen die USA Störungen in diesem Systen hervorriefen. Die europäischen Regierungen und Zentralbanken schränkten ihre geldpolitische Kooperation ein, wenn die USA systemstabilisierend wirkten, und weiteten sie aus, wenn Störungen verursacht wurden. (swp-clv)

Existing explanations of European monetary integration, emphasizing economic interdependence, issue linkage, institutions, and domestic politics, take a predominantly regional approach. In the international monetary thesis developed here, I argue that U.S. policy disturbances, transmitted through the international monetary system, created compelling incentives for European states to cooperate on exchange-rate and monetary policy. I develop a general theory of macroeconomic power, based on open economy macroeconomics, and show how the exercise of such influence can drive regional monetary integration. This article then tests the international thesis with reference to monetary integration within the European Union by examining four periods in which the United States acted to stabilize the international monetary system and seven episodes in which it disrupted the system. European governments and central banks reduced regional monetary cooperation when the United States supported system stability and strengthened it after each episode of disruption. The evidence thus strongly supports the inference that the link is causal.

In the age of Three Mile Island and Chernobyl, a new international trade in industrial and human waste, the depletion of the ozone layer, and the greenhouse effect, the importance of international cooperation is supremely evident. In the economic arena, such problems include speculative instability in financial and primary commodities markets, competition in tax regimes, and the greatly enhanced scope for tax evasion. Can Nations Agree? examines the crucial issues surrounding international cooperation-- conditions that foster cooperation toward common goals; ways to handle the friction arising from conflicting goals; and the structures that best promote cooperation. Although nations recognize the value of cooperation in an independent world, a variety of conditions inhibit the process. In recent decades the number of independent nations has risen rapidly, and so has the variety of decisionmakers and national interests to be reconciled. At the same time, the economic power of the United States has declined in relation to other successful capitalist countries. In the chapters on the 1978 Bonn economic summit, German macroeconomic policy, international cooperation on public health issues, and hegemony and stability, the scholars contributing to this volume analyze the history and process of international cooperation to offer fresh insight for future efforts