Occasional Papers

Rules and Discretion in International Economic Policy

Author/Editor:

Manuel Guitián

Publication Date:

June 15, 1992

Summary:

Economic interdependence offers the potential for raising global welfare, but there is a fuzzy boundary between national interests and global objectives in the economic policy area. This paper examines the boundary area. It concludes that all international economic regimes must entail a mix of rules and discretion, and it considers the most appropriate weights to be given to rules and discretion.

Series:

Occasional Paper No. 1992/008

Subject:

Debt default Debt strategy Economic integration Exchange rate anchor Exchange rates External debt Foreign exchange Monetary policy