By Robert Z. Lawrence
In this capstone quantity within the INE sequence, the authors overview the becoming strain for deeper overseas integration, discover the strengths and weaknesses of other techniques to facing those pressures, and current concrete proposals to aid in attaining a world neighborhood that may stability openness, variety, and unity. A quantity of Brookings' Integrating nationwide Economies sequence
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Additional info for A vision for the world economy: openness, diversity, and cohesion
Exchange rate fluctuations between 1987 and 1989 were reasonably mild. In subsequent years, however, this system has not been much in evidence. Coordination has sometimes resulted in policies that are inconsistent with domestic goals. Some countries, such as Japan, now look back on the coordination exercise with mixed feelings. Indeed, support for exchange rate stability and the need for macroeconomic policy coordination have fluctuated in the past three to four decades. Nonetheless, the underlying trend toward increased integration has been uninterrupted.
Multilateral negotiations under the auspices of GATT began in 1947, and in seven rounds, the most recent of which, the Uruguay Round, was formally signed in April 1994, dramatically lowered tariffs. In recent years the Fund and the Bank have provided advice and incentives to developing countries that have complemented multilateral liberalization. 1 Stretching the Limits of Shallow Integration In the 1950s and 1960s, trade negotiations focused heavily on removing barriers at the borders of countries.
Similarly, the Fund emphasized fixed exchange rates and sought to avoid national controls on foreign exchange. But it gave nations considerable latitude in implementing domestic macroeconomic policies and did not try to coordinate international macroeconomic policies. When it came to exchange rate changes, the Fund was often informed rather than consulted. When the barriers at nations' borders were high, governments and citizens could sharply differentiate international policies from domestic policies.
A vision for the world economy: openness, diversity, and cohesion by Robert Z. Lawrence