Le danger du trilemme pour le système monétaire international

Patrick Artus and Cristina Peicuti

Revue d'économie financière, 2017, vol. N° 126, issue 2, 249-264

Abstract: The famous impossible trilemma is well known: only two out of these three objectives can be achieved: fixed exchange rates, absence of capital controls and the possibility of having an independent monetary policy. Central banks have themselves rendered the choice of the impossible trilemma unsustainable because of the resulting instability of exchange rates. But a return to fixed exchange rates is also impossible, as they would also be destabilised by large-scale speculative capital flows. What alternative should be taken into consideration? Classification JEL : E58, F02, F32, F62.

JEL-codes: E58 F02 F32 F62 (search for similar items in EconPapers)
Date: 2017
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