Sunday, October 20, 2013

EZ crisis and historical trilemmas | vox LA CRISIS DE LA EUROZONA Y LOS TRILEMAS HISTORICOS

EZ crisis and historical trilemmas | vox


The European crisis in the context of historical trilemmas

Michael Bordo, Harold James, 19 October 2013

The linkages of these issues can be summarized as a series of impossible trinities or trilemmas.

1. The macroeconomic classic – fixed exchange rates, capital flows, autonomous monetary policy;

2. The financial sector – fixed exchange rates, capital flows, financial stability;

3. The international relations setting – fixed exchange rates, capital flows, national policy independence; 

and

4. The political economy – fixed exchange rates, capital flows, democratization.

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