메뉴 건너뛰기




Volumn 29, Issue 4, 2010, Pages 615-641

The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration

Author keywords

Exchange rate; FDI flows; Financial liberalization; Impossible trinity; International reserves

Indexed keywords


EID: 77952892124     PISSN: 02615606     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jimonfin.2010.01.005     Document Type: Article
Times cited : (208)

References (55)
  • 3
    • 77952889686 scopus 로고    scopus 로고
    • Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over time. NBER Working Paper Series, #14533.
    • Aizenman, J., Chinn, M.D., Ito, H., 2008. Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over time. NBER Working Paper Series, #14533.
    • (2008)
    • Aizenman, J.1    Chinn, M.D.2    Ito, H.3
  • 4
    • 69149088547 scopus 로고    scopus 로고
    • Sterilization, monetary policy, and global financial integration
    • Aizenman J., Glick R. Sterilization, monetary policy, and global financial integration. Review of International Economics 2009, 17(4):816-840.
    • (2009) Review of International Economics , vol.17 , Issue.4 , pp. 816-840
    • Aizenman, J.1    Glick, R.2
  • 5
    • 0000665624 scopus 로고
    • Central Bank independence and macroeconomic performance
    • Alesina A., Summers L. Central Bank independence and macroeconomic performance. Journal of Money, Credit and Banking 1993, 25(2):151-162.
    • (1993) Journal of Money, Credit and Banking , vol.25 , Issue.2 , pp. 151-162
    • Alesina, A.1    Summers, L.2
  • 6
    • 84983958104 scopus 로고
    • A positive theory of monetary policy in a natural rate model
    • Barro R., Gordon D. A positive theory of monetary policy in a natural rate model. Journal of Political Economy 1983, 91(4):589-610.
    • (1983) Journal of Political Economy , vol.91 , Issue.4 , pp. 589-610
    • Barro, R.1    Gordon, D.2
  • 7
    • 77952889222 scopus 로고    scopus 로고
    • Emerging Equity Market and Economic Development, NBER Working Paper No. 7763.
    • Bekaert, G., Harvey, C., Lundblad, C., 2000. Emerging Equity Market and Economic Development, NBER Working Paper No. 7763.
    • (2000)
    • Bekaert, G.1    Harvey, C.2    Lundblad, C.3
  • 8
    • 77952891279 scopus 로고    scopus 로고
    • Does Financial Liberalization Spur Growth? NBER Working Paper #8245.
    • Bekaert, G., Harvey, C., Lundblad, C., 2001. Does Financial Liberalization Spur Growth? NBER Working Paper #8245.
    • (2001)
    • Bekaert, G.1    Harvey, C.2    Lundblad, C.3
  • 9
    • 0001245798 scopus 로고    scopus 로고
    • Can world real interest rates explain business cycles in a small open economy?
    • Blankenau W., Kose M.A., Yi K. Can world real interest rates explain business cycles in a small open economy?. Journal of Economic Dynamics and Control 2001, 25(6):867-889.
    • (2001) Journal of Economic Dynamics and Control , vol.25 , Issue.6 , pp. 867-889
    • Blankenau, W.1    Kose, M.A.2    Yi, K.3
  • 11
    • 77952891997 scopus 로고    scopus 로고
    • Output Volatility and Openness to Trade: a Reassessment. Inter-American Development Bank Working Paper #604.
    • Cavallo, E.A., 2007. Output Volatility and Openness to Trade: a Reassessment. Inter-American Development Bank Working Paper #604.
    • (2007)
    • Cavallo, E.A.1
  • 13
    • 0042409462 scopus 로고    scopus 로고
    • International and domestic collateral constraints in a model of emerging market crises
    • Caballero R.J., Krishnamurthy A. International and domestic collateral constraints in a model of emerging market crises. Journal of Monetary Economics 2001, 48(3):513-548.
    • (2001) Journal of Monetary Economics , vol.48 , Issue.3 , pp. 513-548
    • Caballero, R.J.1    Krishnamurthy, A.2
  • 19
    • 10844291042 scopus 로고    scopus 로고
    • Shaken and stirred: explaining growth volatility
    • World Bank, Washington, DC, United States, B. Plesokovic, N. Stern (Eds.)
    • Easterly W., Islam R., Stiglitz J. Shaken and stirred: explaining growth volatility. Annual World Bank Conference on Development Economics 2001, World Bank, Washington, DC, United States. B. Plesokovic, N. Stern (Eds.).
    • (2001) Annual World Bank Conference on Development Economics
    • Easterly, W.1    Islam, R.2    Stiglitz, J.3
  • 20
    • 77952890308 scopus 로고    scopus 로고
    • Capital Account Liberalization and Economic Performance: a Review of the literature. IMF Working Paper.
    • Edison, H.J., Klein, M.W.L., Ricci, Sløk, T., 2002. Capital Account Liberalization and Economic Performance: a Review of the literature. IMF Working Paper.
    • (2002)
    • Edison, H.J.1    Klein, M.W.L.2    Ricci Sløk, T.3
  • 22
    • 77952892245 scopus 로고    scopus 로고
    • Capital Mobility and Economic Performance: are Emerging Economies Different? NBER Working Paper No. 8076.
    • Edwards, S., 2001. Capital Mobility and Economic Performance: are Emerging Economies Different? NBER Working Paper No. 8076.
    • (2001)
    • Edwards, S.1
  • 23
    • 0003053860 scopus 로고    scopus 로고
    • How effective are capital controls?
    • Edwards S. How effective are capital controls?. Journal of Economic Perspectives 1999, 13(4):65-84.
    • (1999) Journal of Economic Perspectives , vol.13 , Issue.4 , pp. 65-84
    • Edwards, S.1
  • 25
    • 77952889865 scopus 로고    scopus 로고
    • Contagious Currency Crises. NBER Working Paper 5681.
    • Eichengreen, B., Rose, A.K., Wyplosz, C., 1996. Contagious Currency Crises. NBER Working Paper 5681.
    • (1996)
    • Eichengreen, B.1    Rose, A.K.2    Wyplosz, C.3
  • 26
    • 67349124423 scopus 로고    scopus 로고
    • Navigating the trilemma: capital flows and monetary policy in China
    • Glick R., Hutchison H.M. Navigating the trilemma: capital flows and monetary policy in China. Journal of Asian Economics 2009, 20(3):205-224.
    • (2009) Journal of Asian Economics , vol.20 , Issue.3 , pp. 205-224
    • Glick, R.1    Hutchison, H.M.2
  • 27
    • 0003294829 scopus 로고    scopus 로고
    • Banking and currency crises: how common are twins? 35-69
    • Cambridge University Press, Cambridge, UK, R. Glick, R. Moreno, M. Spiegel (Eds.)
    • Glick R., Hutchison H.M. Banking and currency crises: how common are twins? 35-69. Financial Crises in Emerging Markets 2001, Cambridge University Press, Cambridge, UK. R. Glick, R. Moreno, M. Spiegel (Eds.).
    • (2001) Financial Crises in Emerging Markets
    • Glick, R.1    Hutchison, H.M.2
  • 28
    • 77952892129 scopus 로고    scopus 로고
    • Does the Nominal Exchange Rate Regime Matter? NBER Working Paper No 5874.
    • Ghosh, A., Gulde A., Ostry, J., 1997. Does the Nominal Exchange Rate Regime Matter? NBER Working Paper No 5874.
    • (1997)
    • Ghosh, A.1    Gulde, A.2    Ostry, J.3
  • 29
    • 0008919779 scopus 로고    scopus 로고
    • Stock market liberalization, economic reform and emerging market equity prices
    • Henry P.B. Stock market liberalization, economic reform and emerging market equity prices. Journal of Finance 2000, 55(2):529-564.
    • (2000) Journal of Finance , vol.55 , Issue.2 , pp. 529-564
    • Henry, P.B.1
  • 33
    • 0039624712 scopus 로고    scopus 로고
    • The twin crises: the causes of banking and currency balance-of-payments problems
    • Kaminsky G., Reinhart C. The twin crises: the causes of banking and currency balance-of-payments problems. American Economic Review 1999, 89(3):473-500.
    • (1999) American Economic Review , vol.89 , Issue.3 , pp. 473-500
    • Kaminsky, G.1    Reinhart, C.2
  • 34
    • 34247482883 scopus 로고
    • Finance and growth: schumpeter might be right
    • King R.G., Levine R. Finance and growth: schumpeter might be right. Quarterly Journal of Economics 1993, 108(3):717-738.
    • (1993) Quarterly Journal of Economics , vol.108 , Issue.3 , pp. 717-738
    • King, R.G.1    Levine, R.2
  • 35
    • 77952890241 scopus 로고    scopus 로고
    • Financial Globalization: a Reappraisal. IMF Working Paper, WP/06/189.
    • Kose, M.A., E. Prasad, K. Rogoff, Wei, S.J., 2006. Financial Globalization: a Reappraisal. IMF Working Paper, WP/06/189.
    • (2006)
    • Kose, M.A.E.1    Prasad, K.2    Rogoff Wei, S.J.3
  • 38
    • 0000643498 scopus 로고
    • Rules rather than discretion: the inconsistency of optimal plans
    • Kydland F., Prescott E. Rules rather than discretion: the inconsistency of optimal plans. Journal of Political Economy 1977, 85(3):473-490.
    • (1977) Journal of Political Economy , vol.85 , Issue.3 , pp. 473-490
    • Kydland, F.1    Prescott, E.2
  • 39
    • 77952892029 scopus 로고    scopus 로고
    • The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004. IMF Working Paper 06/69.
    • Lane, P.R., Milesi-Ferretti, G.M., 2006. The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004. IMF Working Paper 06/69.
    • (2006)
    • Lane, P.R.1    Milesi-Ferretti, G.M.2
  • 43
    • 77952890822 scopus 로고    scopus 로고
    • Financial Stability, Reserves, and Central Bank Swap Lines in the Panic of 2008. Paper prepared for the ASSA Meetings, San Francisco, January 3-5, 2009.
    • Obstfeld, M., Shambaugh, J.C., Taylor, A.M., 2009. Financial Stability, Reserves, and Central Bank Swap Lines in the Panic of 2008. Paper prepared for the ASSA Meetings, San Francisco, January 3-5, 2009.
    • (2009)
    • Obstfeld, M.1    Shambaugh, J.C.2    Taylor, A.M.3
  • 44
    • 23844436623 scopus 로고    scopus 로고
    • The trilemma in history: tradeoffs among exchange rates, monetary policies, and capital mobility
    • Obstfeld M., Shambaugh J.C., Taylor A.M. The trilemma in history: tradeoffs among exchange rates, monetary policies, and capital mobility. Review of Economics and Statistics 2005, 87(3):423-438.
    • (2005) Review of Economics and Statistics , vol.87 , Issue.3 , pp. 423-438
    • Obstfeld, M.1    Shambaugh, J.C.2    Taylor, A.M.3
  • 45
    • 70249083214 scopus 로고    scopus 로고
    • Monetary Policy independence, the currency regime, and the capital account in China
    • Peterson Institute for International Economics, Washington, D.C, M. Goldstein, N.R. Lardy (Eds.)
    • Prasad E.S. Monetary Policy independence, the currency regime, and the capital account in China. Debating China's Exchange Rate Policy 2008, Peterson Institute for International Economics, Washington, D.C. M. Goldstein, N.R. Lardy (Eds.).
    • (2008) Debating China's Exchange Rate Policy
    • Prasad, E.S.1
  • 47
    • 0010799090 scopus 로고
    • Business-cycle volatility and openness: an exploratory cross-sectional analysis
    • Cambridge University Press, Cambridge, L. Leiderman, A. Razin (Eds.)
    • Razin A., Rose K.A. Business-cycle volatility and openness: an exploratory cross-sectional analysis. Capital Mobility: The Impact on Consumption, Investment, and Growth 1994, 48-76. Cambridge University Press, Cambridge. L. Leiderman, A. Razin (Eds.).
    • (1994) Capital Mobility: The Impact on Consumption, Investment, and Growth , pp. 48-76
    • Razin, A.1    Rose, K.A.2
  • 49
    • 0032460591 scopus 로고    scopus 로고
    • Why do more open economies have bigger governments?
    • Rodrik D. Why do more open economies have bigger governments?. Journal of Political Economy 1998, 106(5):997-1032.
    • (1998) Journal of Political Economy , vol.106 , Issue.5 , pp. 997-1032
    • Rodrik, D.1
  • 51
    • 84960565921 scopus 로고
    • Openness and inflation: theory and evidence
    • Romer D. Openness and inflation: theory and evidence. Quarterly Journal of Economics 1993, 108:869-903.
    • (1993) Quarterly Journal of Economics , vol.108 , pp. 869-903
    • Romer, D.1
  • 52
    • 77952892158 scopus 로고    scopus 로고
    • Will the Bretton Woods (BW2) Regime Collapse Like the Original Bretton Woods Regime Did? The Coming End Game of BW2. Mimeo. RGE Monitor.
    • Roubini, N., 2008. Will the Bretton Woods (BW2) Regime Collapse Like the Original Bretton Woods Regime Did? The Coming End Game of BW2. Mimeo. RGE Monitor.
    • (2008)
    • Roubini, N.1
  • 53
    • 1642324377 scopus 로고    scopus 로고
    • The effects of fixed exchange rates on monetary policy
    • Shambaugh J.C. The effects of fixed exchange rates on monetary policy. Quarterly Journal of Economics 2004, 119(1):301-352.
    • (2004) Quarterly Journal of Economics , vol.119 , Issue.1 , pp. 301-352
    • Shambaugh, J.C.1
  • 54
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, corporate finance and the cost of capital
    • Stultz R. Globalization, corporate finance and the cost of capital. Journal of Applied Corporate Finance 1999, 12(3):8-25.
    • (1999) Journal of Applied Corporate Finance , vol.12 , Issue.3 , pp. 8-25
    • Stultz, R.1
  • 55
    • 0000662187 scopus 로고    scopus 로고
    • Financial markets and the allocation of capital
    • Wurgler J. Financial markets and the allocation of capital. Journal of Financial Economics 2000, 58(1):187-214.
    • (2000) Journal of Financial Economics , vol.58 , Issue.1 , pp. 187-214
    • Wurgler, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.