《國際貨幣與金融經(jīng)濟學(xué)》

1、2021/4/11Domestic Economic Policymaking in a Global Economy2021/4/12Structural Interdependence Structural interdependence is the reason that policymakers might consider the joint determination of economic policies. Structural interdependence refers to the interconnectedness of nations markets for go

2、ods and services, financial markets and payments systems.2021/4/13International Policy Externalities Structural interdependences can results in international policy externalities: a benefit or cost for one nations economy owing to a policy undertaken in another economy. A locomotive effect occurs wh

3、en an increase in real income in one economy spurs an increase in real income in another. A beggar-thy-neighbor effect occurs when a policy action benefits the residents of the home country at the expense of residents in another nation.2021/4/14International Policy Cooperation and Coordination There

4、 are two ways that nations may work together to achieve their economic objectives. International Policy Cooperation is the adoption of institutions and procedures by which policymakers can inform each other of their objectives and share data. International Policy Coordination is the joint determinat

5、ion of economic policies within a group of nations, intended to benefit the whole.2021/4/15Potential Benefits of CoordinationTake account of and minimize policy externalitiesAchieve a larger number of policy objectives with available instrumentsPolicymakers may present a “united front” in the face o

6、f home political pressures that could push them to adopt harmful policies.2021/4/16Potential Drawbacks to Policy CoordinationMust sacrifice or forego some domestic interestsMust trust that counterparts are willing to make sacrificesCoordinated policies may have negative consequences such as higher i

7、nflation (e.g., Bonn Summit of 1978)2021/4/17Monetary Unions An extreme type of coordination is for a nation to give up its own currency and adopt a currency common to it and a coalition of other nations. That is, form a monetary union. For a monetary union to succeed, the coalition must represent a

8、n optimal currency area.2021/4/18Optimal Currency Area The theory of optimal currency areas is a means of determining the size of a geographic area within which residents welfare is greater if their governments fix exchange rates or adopt a common currency. An optimal currency area is on in which la

9、bor is sufficiently mobile to permit speedy adjustments to payments imbalances and regional unemployment so that exchange rates can be fixed or a common currency adopted.2021/4/19Exchange Rate Target Zones A target zone is a “intermediate” approach to exchange rate management that limits exchange rate volatility while still permitting some variation in countries currency values. Specifically, a target zone is a range of permitted exchange rate variation between upper and lower exchange rate bands that a central bank defends by purchasing o