| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12535 |
| DP12535 Credit controls as an escape from the trilemma. The Bretton Woods experience. | |
| Eric Monnet | |
| 发表日期 | 2017-12-22 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The macroeconomic policy “trilemma” is widely used as a framework to discuss the rationale for capital controls and monetary policy autonomy under the Bretton Woods system (1944-1971). Without denying its usefulness, I highlight two facts at odds with assumptions underlying the “trilemma” argument. First, conflicts between internal and external objectives were uncommon. Second, using quantitative credit controls allowed central banks to disconnect their interest rate from the domestic monetary policy stance. They assigned the interest rate to the external side while managing domestic credit expansion with direct quantitative controls. This paper documents that such mechanism was explicitly considered by contemporary economists and central bankers as a way to escape international financial constraints. In such an environment, capital controls were used to complement credit controls. Interest rate spreads were neither a good measure of capital controls nor of central bank autonomy. |
| 主题 | Economic History ; International Macroeconomics and Finance |
| 关键词 | Bretton woods Trilemma Capital controls Credit controls Reserve requirements Central banking Macroprudential policies |
| URL | https://cepr.org/publications/dp12535 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541346 |
| 推荐引用方式 GB/T 7714 | Eric Monnet. DP12535 Credit controls as an escape from the trilemma. The Bretton Woods experience.. 2017. |
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