The Trilemma in Practice: Monetary Policy Autonomy in an Economy with a Floating Exchange Rate
Jonathan Davis ()
Annual Report, Globalization and Monetary Policy Institute, 2015, 2-9
For many emerging-market economies, swings in the global financial cycle make the trilemma more of a dilemma. Without restrictions on international capital flows, monetary independence is not possible, even for a country with a floating exchange rate.
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