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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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Prospects and Challenges for Financial and Macroeconomic Policy Coordination

Prospects and Challenges for Financial and Macroeconomic Policy Coordination

(p.255) 25 Prospects and Challenges for Financial and Macroeconomic Policy Coordination
Progress and Confusion

Zeti Akhtar Aziz

The MIT Press

This chapter touches on the progress and prospects for financial and macroeconomic policy coordination. There has been progress in the area of international financial stability, particularly in the design of the reform measures among the standard setting bodies (FSB, Basel, IOSCO). The chapter cautions however against national strategies that are independent of global arrangements, as these may result in more fragmented markets and would represent a retreat from globalization. In the area of macroeconomic policy, there have been efforts at cooperation and collaboration among emerging market economies (EMEs), but little progress has been made between the advanced economies and the EMEs.

Keywords:   policy coordination, financial policy, macroeconomic policy, standard setting bodies, globalization, emerging market economies, advanced economies

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