Discuss the ‘spillover effects’ of ‘international policy coordination’ in the context of fiscal and monetary policies.

Spillover effect refers to the impact that seemingly unrelated events in one nation can have on the economies of other nations. Although there are positive spillover effects, the term is most commonly applied to the negative impact a domestic event has on other parts of the world such as an earthquake, stock market crisis, or another macro event.

Policymakers in emerging economies have repeatedly complained over the spillover effects of advanced economies’ policies in the Great Recession. As the Federal Reserve normalizes its policy, while the Bank of Japan and the ECB contemplate further easing, it remains unclear whether emerging economies possess the tools to limit undue fluctuations associated with these adjustments.

Spillovers and coordination

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