期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2011
卷号：2011
出版社：University of Surrey
摘要：In this paper, we examine the stability of international macroeconomic policies of
developing countries in the post-Bretton Woods period. We use the simple geometry
of the classic, open-economy trilemma to construct a new, univariate measure of international
macroeconomic policy stability, and to characterize international macroeconomic
arrangements in terms of their semblance to definitive policy archetypes; and,
we use the trilemma constraint to provide a new gauge of monetary sovereignty. Using
these measures, we find that the greatest international macroeconomic stability among
developing economies exists where there are capital controls and limited exchange rate
flexibility. The least stable policies occur in the economies with flexible exchange rates
and open financial markets. We also find that official holdings of foreign exchange reserves
seem to be weakly linked to greater policy stability, and their link is further
weakened where financial markets are open.
关键词：Trilemma, Foreign Exchange Rate Regimes, International Reserves, Financial
Openness, Fear of Floating, Monetary Sovereignty
