(DP 1996-08) Economic Interdependence and Macroeconomic Coordination
In a world rapidly becoming more economically integrated the spill-over effects of policies and actions on other countries have become very substantial. The issue of how policies can be coordinated in order to minimize the negative externalities has arisen. This paper reviews the record of various form of policy coordination. It explores the various aspects of "constrained decentralized policy making" and various levels of policy coordination. The gains and costs are discussed and some suggestions for Philippine policy making are given.
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