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Le danger du trilemme pour le système monétaire international

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Listed:
  • Patrick Artus
  • Cristina Peicuti

Abstract

The famous impossible trilemma is well known: only two out of these three objectives can be achieved: fixed exchange rates, absence of capital controls and the possibility of having an independent monetary policy. Central banks have themselves rendered the choice of the impossible trilemma unsustainable because of the resulting instability of exchange rates. But a return to fixed exchange rates is also impossible, as they would also be destabilised by large-scale speculative capital flows. What alternative should be taken into consideration? Classification JEL : E58, F02, F32, F62.

Suggested Citation

  • Patrick Artus & Cristina Peicuti, 2017. "Le danger du trilemme pour le système monétaire international," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 249-264.
  • Handle: RePEc:cai:refaef:ecofi_126_0249
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    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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