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International Policy Coordination and Exchange Rate Fluctuations

by William H. Branson, Jacob A. Frenkel and Morris Goldstein University of Chicago Press
Pub Date:
Hbk 392 pages
AU$209.00 NZ$214.78
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Since the five largest industrial democracies concluded the Plaza Agreement in , the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most# and and least# and effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.

Preface Introduction William H. Branson, Jacob A. Frenkel, and Morris Goldstein 1. The Rationale for, and Effects of, International Economic Policy Coordination Jacob A. Frenkel, Morris Goldstein, and Paul R. Masson Comment: Martin Feldstein Comment: William H. Branson 2. The Coordination of Macroeconomic Policies Peter B. Kenen Comment: Richard N. Cooper Comment: Stanley Fischer 3. Obstacles to Coordination, and a Consideration of Two Proposals to Overcome Them: International Nominal Targeting (INT) and the Hosomi Fund Jeffrey A. Frankel Comment: Ralph C. Bryant Comment: Douglas D. Purvis 4. Equilibrium Exchange Rates Paul R. Krugman Comment: C. Fred Bergsten Comment: Michael Mussa 5. The Effectiveness of Foreign-Exchange Intervention: Recent Experience, 1985-1988 Maurice Obstfeld Comment: J. S. Flemming Comment: Hans Genberg Comment: Shuntaro Namba 6. Can the European Monetary System be Copied Outside Europe? Lessons from Ten Years of Monetary Policy Coordination in Europe Francesco Giavazzi and Alberto Giovannini Comment: Richard C. Marston Comment: Wolfgang Rieke 7. The Case for International Coordination of Financial Policy David Folkerts-Landau Comment: Francesco Papadia 8. Multinational Corporations, Exchange Rates, and Direct Investment Kenneth A. Froot Comment: Geoffrey Carliner Comment: J. S. Fleming 9. Adequacy of International Transactions and Position Data for Policy Coordination Lois Stekler List of Contributors Author Index Subject Index

William H. Branson is the Jacob Viner Professor of International Economics at Princeton University and Director of the Program in International Studies at the NBER. Jacob A. Frenkel is economic counsellor and director of research at the International Monetary Fund. Morris Goldstein is deputy director of the Research Department for the International Monetary Fund.