| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP16717
|
| DP16717 Rounding the Corners of the Trilemma: A Simple Framework |
| Olivier Jeanne
|
| 发表日期 | 2021-11-13
|
| 出版年 | 2021
|
| 语种 | 英语
|
| 摘要 | Many emerging market economies use foreign exchange interventions capital controls or at the same time as they float their currencies, a policy mix that is not explained by Mundell's policy trilemma. This paper presents a simple model that accounts for this fact. In the model, changes in foreign appetite for domestic assets lead to a trade-off between stabilizing the tradable sector and stabilizing the nontradable sector. The model is consistent with a number of stylized facts about the impact of the global financial cycle on emerging market economies, and on the policies used by emerging markets to mitigate this impact. Consistent with Rey's dilemma thesis, the benefits of using countercyclical capital flow taxes may be substantially larger than the benefits of floating. The paper also discusses the reasons that capital
flow taxes are not more popular in practice. |
| 主题 | International Macroeconomics and Finance
|
| URL | https://cepr.org/publications/dp16717
|
| 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/545654
|
推荐引用方式
GB/T 7714 |
Olivier Jeanne. DP16717 Rounding the Corners of the Trilemma: A Simple Framework. 2021.
|
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