Currency Wars or Efficient Spillovers A General Theory of International Policy Cooperation is popular PDF and ePub book, written by Mr.Anton Korinek in 2017-02-10, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Currency Wars or Efficient Spillovers A General Theory of International Policy Cooperation can be Read Online from any device for your convenience.
Currency Wars or Efficient Spillovers A General Theory of International Policy Cooperation Book PDF Summary
In an interconnected world, national economic policies regularly lead to large international spillover effects, which frequently trigger calls for international policy cooperation. However, the premise of successful cooperation is that there is a Pareto inefficiency, i.e. if there is scope to make some nations better off without hurting others. This paper presents a first welfare theorem for open economies that defines an efficient benchmark and spells out the conditions that need to be violated to generate inefficiency and scope for cooperation. These are: (i) policymakers act competitively in the international market, (ii) policymakers have sufficient external policy instruments and (iii) international markets are free of imperfections. Our theorem holds even if each economy suffers from a wide range of domestic market imperfections and targeting problems. We provide examples of current account intervention, monetary policy, fiscal policy, macroprudential policy/capital controls, and exchange rate management and show that the resulting spillovers are Pareto efficient, as long as the three conditions are satisfied. Furthermore, we develop general guidelines for how policy cooperation can improve welfare when the conditions are violated.
Detail Book of Currency Wars or Efficient Spillovers A General Theory of International Policy Cooperation PDF
- Author : Mr.Anton Korinek
- Release : 10 February 2017
- Publisher : International Monetary Fund
- ISBN : 9781475577549
- Genre : Business & Economics
- Total Page : 66 pages
- Language : English
- PDF File Size : 21,7 Mb
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