《国际货币与金融经济学》

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1、DomesticEconomicPolicymakinginaGlobalEconomyStructuralInterdependenceStructuralinterdependenceisthereasonthatpolicymakersmightconsiderthejointdeterminationofeconomicpolicies.Structuralinterdependencereferstotheinterconnectednessofnations’marketsforgoodsandservices,financialmark

2、etsandpaymentssystems.DanielsandVanHoose2PolicyCoordinationInternationalPolicyExternalitiesStructuralinterdependencescanresultsininternationalpolicyexternalities:abenefitorcostforonenation’seconomyowingtoapolicyundertakeninanothereconomy.Alocomotiveeffectoccurswhenanincreaseinr

3、ealincomeinoneeconomyspursanincreaseinrealincomeinanother.Abeggar-thy-neighboreffectoccurswhenapolicyactionbenefitstheresidentsofthehomecountryattheexpenseofresidentsinanothernation.DanielsandVanHoose3PolicyCoordinationInternationalPolicyCooperationandCoordinationTherearetwoway

4、sthatnationsmayworktogethertoachievetheireconomicobjectives.InternationalPolicyCooperationistheadoptionofinstitutionsandproceduresbywhichpolicymakerscaninformeachotheroftheirobjectivesandsharedata.InternationalPolicyCoordinationisthejointdeterminationofeconomicpolicieswithinagr

5、oupofnations,intendedtobenefitthewhole.DanielsandVanHoose4PolicyCoordinationPotentialBenefitsofCoordinationTakeaccountofandminimizepolicyexternalitiesAchievealargernumberofpolicyobjectiveswithavailableinstrumentsPolicymakersmaypresenta“unitedfront”inthefaceofhomepoliticalpressu

6、resthatcouldpushthemtoadoptharmfulpolicies.DanielsandVanHoose5PolicyCoordinationPotentialDrawbackstoPolicyCoordinationMustsacrificeorforegosomedomesticinterestsMusttrustthatcounterpartsarewillingtomakesacrificesCoordinatedpoliciesmayhavenegativeconsequencessuchashigherinflatio

7、n(e.g.,BonnSummitof1978)DanielsandVanHoose6PolicyCoordinationMonetaryUnionsAnextremetypeofcoordinationisforanationtogiveupitsowncurrencyandadoptacurrencycommontoitandacoalitionofothernations.Thatis,formamonetaryunion.Foramonetaryuniontosucceed,thecoalitionmustrepresentanoptimal

8、currencyarea.DanielsandVanHoose7PolicyCoordinationOpti