کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964751 930600 2010 27 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration
چکیده انگلیسی

This paper investigates how the trilemma policy mix affects economic performance in developing countries. We find that greater monetary independence can dampen output volatility, while greater exchange rate stability is associated with greater output volatility, which can be mitigated by reserve accumulation; greater monetary autonomy is associated with higher inflation, while greater exchange rate stability and greater financial openness is linked with lower inflation; pursuit of exchange rate stability can increase output volatility when financial development is at an intermediate stage. Greater financial openness, when accompanied by a high level of financial development, reduces output volatility.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 29, Issue 4, June 2010, Pages 615–641
نویسندگان
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