Trilemmas and tradeoffs: living with financial globalization

Trilemmas and tradeoffs: living with financial globalization

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 dev...

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Autor principal: Obstfeld, Maurice
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
Materias:
POLÍTICA MONETARIA
TIPO DE CAMBIO
CRISIS FINANCIERA
CRISIS ECONÓMICA 2008
Acceso en línea:https://hdl.handle.net/20.500.12580/3815
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spelling oai-20.500.12580-38152021-04-24T11:09:12Z Trilemmas and tradeoffs: living with financial globalization Obstfeld, Maurice POLÍTICA MONETARIA TIPO DE CAMBIO CRISIS FINANCIERA CRISIS ECONÓMICA 2008 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. 2019-11-01T00:07:04Z 2019-11-01T00:07:04Z 2015 Artículo 978-956-7421-47-3 https://hdl.handle.net/20.500.12580/3815 eng Series on Central Banking Analysis and Economic Policies no. 20 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 13-78 application/pdf Banco Central de Chile
institution Banco Central
collection Banco Central
language eng
topic POLÍTICA MONETARIA
TIPO DE CAMBIO
CRISIS FINANCIERA
CRISIS ECONÓMICA 2008
spellingShingle POLÍTICA MONETARIA
TIPO DE CAMBIO
CRISIS FINANCIERA
CRISIS ECONÓMICA 2008
Obstfeld, Maurice
Trilemmas and tradeoffs: living with financial globalization
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.
format Artículo
author Obstfeld, Maurice
author_facet Obstfeld, Maurice
author_sort Obstfeld, Maurice
title Trilemmas and tradeoffs: living with financial globalization
title_short Trilemmas and tradeoffs: living with financial globalization
title_full Trilemmas and tradeoffs: living with financial globalization
title_fullStr Trilemmas and tradeoffs: living with financial globalization
title_full_unstemmed Trilemmas and tradeoffs: living with financial globalization
title_sort trilemmas and tradeoffs: living with financial globalization
publisher Banco Central de Chile
publishDate 2019
url https://hdl.handle.net/20.500.12580/3815
work_keys_str_mv AT obstfeldmaurice trilemmasandtradeoffslivingwithfinancialglobalization
_version_ 1718346612702445568

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