三重困境
经济
国际金融
资本流动
资本账户
首都(建筑)
波动性(金融)
货币经济学
货币政策
财务
宏观经济学
国际经济学
地理
新古典经济学
考古
利润(经济学)
作者
Barry Eichengreen,Rui Esteves
出处
期刊:Cambridge University Press eBooks
[Cambridge University Press]
日期:2021-06-03
卷期号:: 501-525
被引量:4
标识
DOI:10.1017/9781316671603.019
摘要
In this chapter we survey the history of international finance spanning a century and a half. We start by characterizing capital flows in the long run, organizing our discussion around six facts relating to the volume and volatility of capital flows, measured in both net and gross terms. We then connect up the discussion with exchange rates and monetary policies. The organizing framework for this section is the macroeconomic trilemma. We describe where countries situated themselves relative to the trilemma over time and consider the political economy of their choices. Finally, we study the connections between international finance and economic and financial stability. We present consistent measures of growth and debt crises over the century and a half covered in this chapter and discuss how their incidence is related to those institutional and political circumstances, and, more generally, to the nature of the international monetary and financial regime.
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