No. 140 - The Experience with Economie Policy Coordination: the Tripolar and the European Dimensions
The paper analyses the issues involved in the conduct of economic policy coordination (EPC) by sovereign countries. After a survey of the literature, the paper examines the main conditions for the feasibility of EPC in the real world. In particular the issues of hegemonic leadership, of the existence of a non unitary actor, and of the scarsity of policy instruments are addressed. Finally, the outcome of EPC among the Group of Seven countries is discussed, analysing its impact on exchange and money markets and on the systemic configuration of international monetary relations.
This is a revised and updated version of a paper presented at a Conference on "Global and Domestic Factors in International Cooperation" held in Trento on April 3-4, 1989 and organized by Istituto Affari Internazionali (Rome), Harvard University, the National Bureau of Economic Research (Cambridge, Mass.) and the National Institute for Research Advancement (Tokyo). That version was published in the proceedings of the conference in "The International Spectator", n. 3/4, 1989.
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