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dc.contributor.authorAizenman, Joshuaen
dc.contributor.authorIto, Hiroen
dc.date.accessioned2012-02-13-
dc.date.accessioned2012-09-28T12:41:45Z-
dc.date.available2012-09-28T12:41:45Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/64521-
dc.description.abstractWe examine the open macroeconomic policy choices of developing economies from the perspective of the economic 'trilemma' hypothesis. We construct an index of divergence of the three trilemma policy choices, and evaluate its patterns in recent decades. We find that the three dimensions of the trilemma configurations are converging towards a 'middle ground' among emerging market economies - managed exchange rate flexibility underpinned by sizable holdings of international reserves, intermediate levels of monetary independence, and controlled financial integration. Emerging market economies with more converged policy choices tend to experience smaller output volatility in the last two decades. Emerging markets with relatively low international reserves/GDP could experience higher levels of output volatility when they choose a policy combination with a greater degree of policy divergence. Yet this heightened output volatility effect does not apply to economies with relatively high international reserves/GDP holding.en
dc.language.isoengen
dc.publisher|aUniversity of California, Economics Department |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x695en
dc.subject.jelF31en
dc.subject.jelF36en
dc.subject.jelF41en
dc.subject.jelO24en
dc.subject.ddc330en
dc.subject.keywordimpossible trinityen
dc.subject.keywordinternational reservesen
dc.subject.keywordfinancial liberalizationen
dc.subject.keywordexchange rate regimeen
dc.subject.stwVolkswirtschaften
dc.subject.stwGesamtwirtschaftliche Produktionen
dc.subject.stwVolatilitäten
dc.subject.stwWechselkurssystemen
dc.subject.stwWährungsreservenen
dc.subject.stwAufstrebende Märkteen
dc.titleTrilemma policy convergence patterns and output volatility-
dc.typeWorking Paperen
dc.identifier.ppn68519647Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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