An evaluation of the trilemma: global constraints on monetary policies of developing countries in the post Bretton Woods era

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2016

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Tercioğlu, Remzi Barış

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This study investigates monetary policy independence of developing countries in the context of the trilemma concept in the post Bretton Woods Era. Throughout the thesis, multidirectional effects of financial flows on monetary policies of developing countries are described and limits on effectiveness of the policy rate tool are discussed. As empirical evidence shows, global factors restrict central bank independence in developing countries and the policy rate tool is not effective enough in influencing long-term interest rates in these economies. Under the current institutional framework, developing countries can not easily pursue independent monetary policies by just letting exchange rates float.

Subject Keywords

Monetary policy, Macroeconomics, International finance, Monetary policy

URI

http://etd.lib.metu.edu.tr/upload/12620197/index.pdf
https://hdl.handle.net/11511/26188

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Graduate School of Social Sciences, Thesis

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Citation Formats

R. B. Tercioğlu, “An evaluation of the trilemma: global constraints on monetary policies of developing countries in the post Bretton Woods era,” M.S. - Master of Science, Middle East Technical University, 2016.