This is the title of my new paper. I have tried to look at how domestic policies could impact the global outcomes and vice-versa.
The policymakers have been saying lately that rising inflation is not a domestic issue, but has become a global phenomenon. Hence, to tackle it we need global solutions as domestic solutions will not be enough. This issue is not limited to inflation alone but extends to other policy areas as well – fiscal, financial regulation, international monetary system and so on.
In this paper, we will discuss how the global environment has affected the local economies. It reviews how local policies should be responding to the problems whose sources are becoming global and whether global cooperation/coordination is needed. The paper will start discussing the issues of global coordination in economic policy in general and then look at a few fields of economics separately where these issues have come to light.
Comments/feedback are welcome.