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The Open-Economy Trilemma in the Long Run

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  • Barry Eichengreen

    (University of California)

Abstract

This paper extends the literature on the open-economy trilemma by developing a consistent set of indicators of exchange rate stability, monetary autonomy and capitalaccount openness for a large sample of countries, starting in 1890 and extending into the second decade of the 21st century. Analysis of these indicators confirms stylized facts in the literature on international monetary and financial history and is consistent with the trilemma paradigm

Suggested Citation

  • Barry Eichengreen, 2018. "The Open-Economy Trilemma in the Long Run," Korean Economic Review, Korean Economic Association, vol. 34, pages 5-28.
    • Handle: RePEc:kea:keappr:ker-20180101-34-1-01
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    References listed on IDEAS

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    Cited by:

    1. Ahmed, Rashad, 2020. "Monetary Policy Spillovers under Intermediate Exchange Rate Regimes," MPRA Paper 98852, University Library of Munich, Germany.
    2. Ahmed, Rashad, 2021. "Monetary policy spillovers under intermediate exchange rate regimes," Journal of International Money and Finance, Elsevier, vol. 112(C).

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    More about this item

    Keywords

    Exchange Rates; Capital Controls; Monetary Autonomy; Trilemma;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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