Transgovernmental Interaction in the International Monetary System, 1960–1972

Abstract

The main hypothesis of this article is that transgovernmental interaction among central banks and finance ministries of industrialized countries was as significant in economic policy formation as intergovernmental interaction. Elite interview data indicate, however, that the international consultative process among deputy central bank governors and deputy finance ministers conformed more closely to the intergovernmental image of international politics than had been expected. Both interaction patterns within the deputies’ consultative group and the impact of international consultations upon national economic policies could be explained moderately well in terms of a unified rational actor model. Examination of the transgovernmental interaction does suggest ways to systematically modify and improve interpretations based upon the rational actor model. In addition, the degree of politicization of issues may prove to be a reliable guide when deciding whether the transgovernmental dimension of an issue requires detailed study.