The Korean Economic Review
The Open-Economy Trilemma in the Long Run
Barry Eichengreen (University of California)Year 2018Vol. 34No. 1
AbstractThis paper extends the literature on the open-economy trilemma by developing a consistent set of indicators of exchange rate stability, monetary autonomy and capital account openness for a large sample of countries, starting in 1890 and extending into the second decade of the 21st century. Analysis of these indicators confirms stylized facts in the literature on international monetary and financial history and is consistent with the trilemma paradigm.