three policy goals in the trilemma - monetary independence, exchange rate stability, and financial openness - we examine how … choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a …

external finances affect output volatility through the investment or trade channel depending on the openness of the economies … three policy goals in the trilemma – monetary independence, exchange rate stability, and financial openness – in this paper … the three policy choices matter for output volatility and the medium-term level of inflation. Greater monetary …

policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium … levels of IR. Greater financial openness helps reduce real exchange rate volatility. These results indicate that policy … three policy goals in the trilemma — monetary independence, exchange rate stability, and financial openness — this paper …

-varying relationship between openness and growth over time: countries tend to gain in the short-term, immediately following capital account …No empirical evidence has yet emerged for the existence of a robust positive relationship between financial openness … and economic growth. This paper argues that a key reason for the elusive evidence is the presence of a time …

growth and output trend. Our main finding is that currency collapses are associated with a permanent output loss relative to … output. More generally, we also find that the likelihood of a positive growth rate in the year of the collapse is over two … times more likely than a contraction, and that positive growth rates in the years that follow such episodes are the norm …

considered those that deliver sustainable economic growth, employment and more equitable income distribution. A macroeconomic … high current account deficits, capital flow volatility, large employment losses and instable economic development. This … paper suggests that to reduce the current account deficits and achieve a more sustainable growth, foreign economic policy …

are expansionary to output and credit growth. But contrary to the model predictions and empirical findings of Blanchard et … impact on output and credit growth if the exchange rate is managed, if the domestic capital market is underdeveloped, if the … Blanchard et al. (2015), non-bond inflows have a positive overall impact on output and credit growth despite receiving …