Should there be a coordinated response to the problem of global imbalances? Can there be one?

Barry Eichengreen

Working Papers from United Nations, Department of Economics and Social Affairs

Abstract: This paper analyzes the options for international policy coordination in order to redress the global imbalances. The case for policy coordination rests on a number of assumptions such as the existence of important spillover effects of national policies and a common understanding of the nature of the problem. In reality, important obstacles exist to get to effective policy coordination, including resistance from domestic interest groups and disagreement of the effectiveness of policy instruments. These obstacles can be reduced by developing a multilateral consensus on common goals and by addressing commitment problems via issuing multi-year schedules for policy adjustments.

Keywords: Global imbalances; international policy coordination; international financial architecture (search for similar items in EconPapers)
JEL-codes: F32 F33 F53 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2008-09
New Economics Papers: this item is included in nep-cba
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:une:wpaper:69

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