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Fostering Economic Policy Coordination in Latin America

The REDIMA Approach to Escaping the Prisoner's Dilemma

image of Fostering Economic Policy Coordination in Latin America

This work aims to provide some useful elements for addressing specific issues related to coordinating policies among sovereign nations in a world undergoing globalization and subject to increasing uncertainty. It has a twofold objective: to provide clear positions regarding options for Latin American integration, and to publicize the REDIMA experiment, as well as the momentum behind it and the proposals issued through it. REDIMA is the acronym of the Spanish and Portuguese name of the Macroeconomic Dialogue Network, implemented in Latin America by ECLAC in cooperation with the European Commission.

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“The Remains of the Day”, in terms of theory

The coordination of economic policies (both international polices and instruments) is a longstanding political-economy problem that has become a traditional theme of debates among economists, although no clear conclusion has emerged. Despite considerable development of the theory since the 1980s, with an impressive growth in complexity, the empirical results have been disappointing and it has been impossible to devise clear practical recommendations for policy makers.

English

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