LEADER 05087oam 22010214 450 001 9910160283703321 005 20250426110453.0 010 $a9781475547849 010 $a1475547846 035 $a(CKB)3710000001025859 035 $a(BIP)050631076 035 $a(BIP)050625511 035 $a(IMF)SDNEA2013011 035 $aSDNEA2013011 035 $a(EXLCZ)993710000001025859 100 $a20020129d2013 uf 0 101 0 $aeng 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aObstacles to International Policy Coordination, and How to Overcome Them /$fJonathan Ostry, Atish Ghosh 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2013. 215 $a1 online resource (31 p.) 225 1 $aStaff Discussion Notes 311 08$a9781484334188 311 08$a1484334183 330 3 $aIn bilateral and multilateral surveillance, countries are often urged to consider alternative policies that would result in superior outcomes for the country itself and, perhaps serendipitously, for the world economy. While it is possible that policy makers in the country do not fully recognize the benefits of proposed alternative policies, it is also possible that the existing policies are the best that they can deliver, given their various constraints, including political. In order for the policy makers to be able and willing to implement the better policies some quid pro quo may be required?such as a favorable policy adjustment in the recipients of the spillovers; identifying such mutually beneficial trades is the essence of international policy coordination. We see four general guideposts in terms of the search for globally desirable solutions. First, all parties need to identify the nature of spillovers from their policies and be open to making adjustments to enhance net positive spillovers in exchange for commensurate benefits from others; but second, with countries transparent about the spillovers as they see them, an honest broker is likely to be needed to scrutinize the different positions, given the inherent biases at the country level. Third, given the need for policy agendas to be multilaterally consistent, special scrutiny is needed when policies exacerbate global imbalances and currency misalignments; and fourth, by the same token, special scrutiny is also needed when one country?s policies has a perceptible adverse impact on financial-stability risks elsewhere. 410 0$aStaff Discussion Notes; Staff Discussion Notes ;$vNo. 2013/011 606 $aCross-border effects$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aEconomic theory$2imf 606 $aExternalities$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Crises$2imf 606 $aFinancial crises$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aFinancial risk management$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aFinancial sector risk$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aGlobal financial crisis of 2008-2009$2imf 606 $aGlobal Financial Crisis, 2008-2009$2imf 606 $aInternational Business$2imf 606 $aInternational finance$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aMultinational Firms$2imf 606 $aOutput gap$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aSpillovers$2imf 607 $aUnited States$2imf 615 7$aCross-border effects 615 7$aEconomic & financial crises & disasters 615 7$aEconomic theory 615 7$aExternalities 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Crises 615 7$aFinancial crises 615 7$aFinancial Markets and the Macroeconomy 615 7$aFinancial risk management 615 7$aFinancial sector policy and analysis 615 7$aFinancial sector risk 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aGlobal financial crisis of 2008-2009 615 7$aGlobal Financial Crisis, 2008-2009 615 7$aInternational Business 615 7$aInternational finance 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aMultinational Firms 615 7$aOutput gap 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aSpillovers 700 $aOstry$b Jonathan$01436213 701 $aGhosh$b Atish$0239246 801 0$bDcWaIMF 906 $aBOOK 912 $a9910160283703321 996 $aObstacles to International Policy Coordination, and How to Overcome Them$94246619 997 $aUNINA