This paper investigates the co-existence of Wi-Fi and LTE in emerging unlicensed frequency bands which are intended to accommodate multiple radio access technologies. Wi-Fi and LTE are the two most prominent access technologies being deployed today, motivating further study of the inter-system interference arising in such shared spectrum scenarios as well as possible techniques for enabling improved co-existence. An analytical model for evaluating the baseline performance of coexisting Wi-Fi and LTE is developed and used to obtain baseline performance measures. The results show that both Wi-Fi and LTE networks cause significant interference to each other and that the degradation is dependent on a number of factors such as power levels and physical topology. The model-based results are partially validated via experimental evaluations using USRP based SDR platforms on the ORBIT testbed. Further, internetwork coordination with logically centralized radio resource management across Wi-Fi and LTE systems is proposed as a possible solution for improved co-existence. Numerical results are presented showing significant gains in both Wi-Fi and LTE performance with the proposed inter-network coordination approach.