President Reagan yesterday emphasized coordination of international economic policy as part of his effort to restore confidence in the soundness of the global economy after Monday's stock market collapse.

To help assure the nation that his administration has a calm hand on the tiller, Reagan cited Treasury Secretary James A. Baker III's trip to Frankfurt, where he and West German Finance Minister Gerhard Stoltenberg on Monday "reaffirmed {the U.S.} agreement with the Germans to coordinate our economic policies to provide for noninflationary growth and stable exchange rates."

Stoltenberg called a press conference in Bonn yesterday to stress that he is in agreement with Baker, and that the Louvre accord -- which calls for the seven major noncommunist industrial nations to stabilize exchange rates around current levels -- remains in force.

Reagan said he had been in constant touch with financial leaders and market participants around the world. When he telephoned congratulations yesterday morning to Prime Minister-designate Noboru Takeshita, the future Japanese leader told him "that his top priority was to maintain stable economic relations with the United States," the president said.

Reagan also observed that Japanese Finance Minister Kiichi Miyazawa had issued a statement restating Japan's intention to cooperate with the other industrial nations.

"The economic fundamentals in this country remain sound, and our citizens should not panic," Reagan said. "And I have great confidence in the future."

He also said he was "pleased" with steps taken by the Federal Reserve Board yesterday morning, which "have had a salutary effect on the markets." The Fed promised to maintain liquidity in the markets if needed.

The dollar continued to rebound yesterday against the West German mark, the Japanese yen and other currencies as a result of the public display of policy coordination. In late trading in New York, the dollar was at 1.8128 marks, up from 1.7721 Monday, and at 144.33 yen, up from 141.47 yen Monday.

Baker flew back to Washington yesterday morning from Stockholm, canceling a long-planned session with Swedish Finance Minister Kjell-Olof Feldt, to take part in the administration's response to Monday's chaotic market performance. Sources indicated that Baker was satisfied with the results of his trip to Frankfurt, which he feels strengthened both the foreign exchange and bond markets.

Baker, along with Federal Reserve Chairman Alan Greenspan and White House chief of staff Howard H. Baker Jr., met at the Treasury yesterday afternoon, then walked to the White Houses to brief Reagan prior to the president's news conference.

Secretary Baker gave Reagan details of his emergency session at the Frankfurt airport, on his way to Stockholm, with Stoltenberg and German central bank president Karl Otto Poehl. The three-hour meeting produced a statement late Monday evening saying their governments would continue to cooperate under the Louvre Palace Accord, which pledges exchange rate stability "around current levels."

"The parties agreed to continue economic cooperation under the Louvre agreement and its flexible application, including cooperation on exchange rate stability and monetary policies," the statement said.

The phrase "around current levels" was intended to signal the markets that Baker and the German officials wanted to keep the dollar stable and not allow it to decline. Last week, when Baker had publicly denounced a firming of West German interest rates as not compatible with the Louvre agreement, he implied that the United States would not resist a drop in the dollar.

But Stoltenberg declined to say whether he and Baker agreed to change the target zones for their currency relationships that had been agreed upon at the Louvre meeting eight months ago. Those rates have to remain secret for the system to work, Stoltenberg said. A Treasury spokesman also refused any comment on the question.

Wall Street analysts and others have criticized James Baker for his statements last week, which they said shook confidence in the ability of world financial authorities to work together. Moreover, they feared that a declining dollar would be a step toward renewed inflation, triggering an increase in interests -- the opposite of what Baker said he was seeking.

But Baker's meeting with Stoltenberg and Poehl ended amicably, with the Bundesbank's symbolic decision to ease one key short-term interest rate. The reduction was slight but was accepted by Baker, aides said, as evidence that the German government is not seeking to push interest rates higher.

Meanwhile, to reinforce the sense that policy coordination is a high priority, officials from some of the other Group of Seven countries pledged that the Louvre Accord would remain as a basic guide to policy.

Bank of Japan governor Satoshi Sumita, for example, welcomed the U.S.-West German statement. The Japanese reportedly were upset by Baker's comments last week implying that the dollar might go down against the mark, worrying that in such a case the dollar would also go down against the yen.

The Group of Seven is made up of the United States, West Germany, Japan, France, Britain, Italy and Canada.