Trilemmas and tradeoffs: living with financial globalization

dc.contributor.author	Obstfeld, Maurice
dc.date.accessioned	2019-11-01T00:07:04Z
dc.date.available	2019-11-01T00:07:04Z
dc.date.issued	2015
dc.description	This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. I present the case that those EMEs able to exploit a flexible exchange rate are far better positioned than those that devote monetary policy to fixing the rate—a reflection of the classical monetary policy trilemma. Indeed this ability was critically important in EMEs’ widely successful response to the Global Financial Crisis (GFC) of 2007-2009.
dc.file.name	BCCh-sbc-v20-p013_078
dc.format	.pdf
dc.format.extent	Sección o Parte de un Documento
dc.format.medium	p. 13-78
dc.identifier.isbn	978-956-7421-47-3
dc.identifier.uri	https://hdl.handle.net/20.500.12580/3815
dc.language.iso	eng
dc.publisher	Banco Central de Chile
dc.relation.ispartof	Series on Central Banking Analysis and Economic Policies no. 20
dc.rights	Attribution-NonCommercial-NoDerivs 3.0 Chile	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/cl/	*
dc.subject	POLÍTICA MONETARIA	es_ES
dc.subject	TIPO DE CAMBIO	es_ES
dc.subject	CRISIS FINANCIERA	es_ES
dc.subject	CRISIS ECONÓMICA 2008	es_ES
dc.title	Trilemmas and tradeoffs: living with financial globalization
dc.type.doc	Artículo

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