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The Financial Trilemma

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  • Dirk Schoenmaker

    (Duisenberg School of Finance and VU University Amsterdam)

Abstract

The financial trilemma states that financial stability, financial integration and national financial policies are incompatible. Any two of the three objectives can be combined but not all three; one has to give. This paper develops a model to underpin the financial trilemma. Our findings for financial integration suggest that the financial trilemma is in particular at work in Europe.

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File URL: http://papers.tinbergen.nl/11019.pdf
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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 11-019/2/DSF 7.

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Date of creation: 31 Jan 2011
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Handle: RePEc:dgr:uvatin:20110019

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Web page: http://www.tinbergen.nl

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Keywords: Financial Stability; Public Good;

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  1. Obstfeld, Maurice & Shambaugh, Jay C. & Taylor, Alan M., 2004. "The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility," Center for International and Development Economics Research, Working Paper Series, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkele qt4rq9v2rb, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  2. Daniel Sullivan, 1994. "Measuring the Degree of Internationalization of a Firm," Journal of International Business Studies, Palgrave Macmillan, vol. 25(2), pages 325-342, June.
  3. Dani Rodrik, 2000. "How Far Will International Economic Integration Go?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 14(1), pages 177-186, Winter.
  4. Acharya, Viral V., 2009. "A theory of systemic risk and design of prudential bank regulation," Journal of Financial Stability, Elsevier, Elsevier, vol. 5(3), pages 224-255, September.
  5. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series, European Central Bank 0035, European Central Bank.
  6. Charles Goodhart & Dirk Schoenmaker, 2009. "Fiscal Burden Sharing in Cross-Border Banking Crises," International Journal of Central Banking, International Journal of Central Banking, International Journal of Central Banking, vol. 5(1), pages 141-165, March.
  7. Abdul Abiad & Daniel Leigh & Ashoka Mody, 2009. "Financial integration, capital mobility, and income convergence," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 24, pages 241-305, 04.
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Cited by:
  1. repec:cmj:journl:y:2013:i:27:turliucd,popovicia is not listed on IDEAS
  2. Alistair Milne, 2012. "Supporting Market Discipline: The Case of a Bank Disclosure Council," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  3. Gómez-Puig, Marta & Sosvilla-Rivero, Simón, 2013. "Granger-causality in peripheral EMU public debt markets: A dynamic approach," Journal of Banking & Finance, Elsevier, Elsevier, vol. 37(11), pages 4627-4649.
  4. David Lascelles, 2012. "Banking Banana Skins – Brief Remarks," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  5. Patricia Jackson, 2012. "Basel III and Shadow Banking," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  6. Martin Èihák & Richard Podpiera, 2006. "Is One Watchdog Better than Three? International Experience with Integrated Financial-Sector Supervision (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, Charles University Prague, Faculty of Social Sciences, vol. 56(3-4), pages 102-126, March.
  7. Neyer, Ulrike & Vieten, Thomas, 2013. "Die neue europäische Bankenaufsicht: Eine kritische Würdigung," DICE Ordnungspolitische Perspektiven 45, Heinrich‐Heine‐Universität Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  8. Clive Briault, 2012. "Incentive Structures," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  9. Dragos G. TURLIUC & Andreea N. POPOVICI, 2013. "TOWARDS THE EUROPEAN BANKING UNION-Literature review," SEA - Practical Application of Science, Fundația Română pentru Inteligența Afacerii, Editorial Department, Fundația Română pentru Inteligența Afacerii, Editorial Department, issue 1, pages 221-229, June.
  10. Stefano Pagliari, 2012. "Introduction," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  11. Mongelli, Francesco Paolo, 2013. "The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?," Occasional Paper Series 144, European Central Bank.
  12. David T. Llewellyn, 2012. "The Evolution of Bank Business Models: Pre- and Post-crisis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  13. Stefano Pagliari & Clive Briault & Alistair Milne & Patricia Jackson & Vicky Pryce & David T. Llewellyn & David Lascelles & Thorsten Beck, 2012. "Future Risks and Fragilities for Financial Stability," SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum, number 2012/3 edited by David T. Llewellyn & Richard Reid, July.
  14. repec:dgr:uvatin:2011054 is not listed on IDEAS
  15. Vicky Pryce, 2012. "Regulation and Competition in the Financial System," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  16. Calmès, Christian & Théoret, Raymond, 2013. "Market-oriented banking, financial stability and macro-prudential indicators of leverage," Journal of International Financial Markets, Institutions and Money, Elsevier, Elsevier, vol. 27(C), pages 13-34.
  17. Thorsten Beck, 2012. "Concluding Observations," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum, SUERF - The European Money and Finance Forum.
  18. Schoenmaker, Dirk & Gros, Daniel, 2012. "A European Deposit Insurance and Resolution Fund," CEPS Papers, Centre for European Policy Studies 6918, Centre for European Policy Studies.

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