Actually there's a very big difference between "Economical Policies" and "Political Economy".
In my opinion I believe that the "Politics" is "How to perform" a thing like economy while "Economics" is "Management of the resources" like policy.
Economical policies are pointed "how to perform relevant economy" while the Political economies are pointed to the "Exclusive resources which cause to make the others as dependent".
I would say both cases to be honest. However, it is clear that in this international financial crisis, the so-called 'markets' are leading the political economy instead of the other way around. In my country, for example, our former Prime Minister declared publicly that he had to obey the 'markets'.
I think every thing in society is both political and economic, if we believe politics, culture and economy are three aspects of every thing. It is wrong to limit them into three distinguished sections. so, policy is political and economic. each policy can lead to new policies. indeed, politics and economy make new politics and economy sphere, in turn.