I study whether emerging economies can navigate the global financial cycle more successfully by resorting to internationally coordinated macroprudential policies. For this, I set an open economy model with banking frictions in a center-periphery environment with multiple emerging economies. I evaluate the performance of several policy arrangements that differ by their degree and type of cooperation. I find that cooperation generates welfare gains but is not always beneficial relative to nationally-oriented policies. Instead, only regimes where the financial center acts cooperatively generate welfare gains. Two mechanisms generate the gains: a cancellation effect of national incentives to manipulate the interest rates and a motive for steering capital flows to emerging economies. The first mechanism eliminates unnecessary policy fluctuations and the second helps prevent capital retrenchments in the center. These effects can be quantitatively relevant as good cooperation regimes reduce the welfare losses induced by a financial friction between 60% and 80%.