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International Coordination of National Stabilization Policies (Paperback)
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International Coordination of National Stabilization Policies (Paperback)
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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 analyticalperspectives: 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
overview of historical experience and practical recommendations for
the medium-run and long-run evolution of international
macroeconomic cooperation.
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