Rules and Discretion in International Economic Policy

Manuel Guitián

No 1992/008, IMF Occasional Papers from International Monetary Fund

Abstract: Economic interdependence offers the potential for raising global welfare, but there is a fuzzy boundary between national interests and global objectives in the economic policy area. This paper examines the boundary area. It concludes that all international economic regimes must entail a mix of rules and discretion, and it considers the most appropriate weights to be given to rules and discretion.

Keywords: OP; economy; reform experience; debt; reform process; importance of rule; economic system; debt discussion; Debt strategy; Exchange rates; Exchange rate anchor; Debt default; Europe; Central and Eastern Europe; Global; Eastern Europe; Western Europe (search for similar items in EconPapers)
Pages: 57
Date: 1992-06-15
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