| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13465 |
| DP13465 The Trials of the Trilemma: International Finance 1870-2017 | |
| Rui Ferreira da Costa Esteves | |
| 发表日期 | 2019-01-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | In this paper we survey the history of international finance spanning a century and a half. We start by characterizing capital flows in the long run, organizing our discussion around six facts relating to the volume and volatility of capital flows, measured in both net and gross terms. We then connect up the discussion with exchange rates and monetary policies. The organizing framework for this section is the macroeconomic trilemma. We describe where countries situated themselves relative to the trilemma over time and consider the political economy of their choices. Finally, we study the connections between international finance and economic and financial stability. We present consistent measures of growth and debt crises over the century and a half covered in this paper and discuss how their incidence is related to those institutional and political circumstances and, more generally, to the nature of the international monetary and financial regime. |
| 主题 | Economic History ; International Macroeconomics and Finance |
| 关键词 | Capital flows Monetary systems Financial crises |
| URL | https://cepr.org/publications/dp13465 |
| 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/542280 |
| 推荐引用方式 GB/T 7714 | Rui Ferreira da Costa Esteves. DP13465 The Trials of the Trilemma: International Finance 1870-2017. 2019. |
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