Credit controls as an escape from the trilemma. The Bretton Woods experience†
Eric Monnet
(1, 2, 3)
Eric Monnet
- Fonction : Auteur
- PersonId : 743081
- IdHAL : eric-monnet
- ORCID : 0000-0003-1445-8883
- IdRef : 127336184
Résumé
The Mundell “trilemma” is widely used to discuss capital controls and monetary policy autonomy under Bretton Woods. Without denying its usefulness, this paper highlights two facts at odds with assumptions underlying the “trilemma” argument. First, conflicts between internal and external objectives were uncommon. Second, the use of quantitative credit controls allowed central banks to disconnect their interest rate from their monetary policy stance. This was considered by contemporaries as a way to escape international constraints. Capital controls were imposed to complement credit controls. Interest-rate spreads were neither a good measure of capital controls nor of central bank autonomy.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Credit controls as an escape from the trilemma. The Bretton Woods experience†
|
Résumé |
en
The Mundell “trilemma” is widely used to discuss capital controls and monetary policy autonomy under Bretton Woods. Without denying its usefulness, this paper highlights two facts at odds with assumptions underlying the “trilemma” argument. First, conflicts between internal and external objectives were uncommon. Second, the use of quantitative credit controls allowed central banks to disconnect their interest rate from their monetary policy stance. This was considered by contemporaries as a way to escape international constraints. Capital controls were imposed to complement credit controls. Interest-rate spreads were neither a good measure of capital controls nor of central bank autonomy.
|
Auteur(s) |
Eric Monnet
1, 2, 3
1
Banque de France -
Banque de France
( 183299 )
- France
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2018-08
|
Volume |
22
|
Numéro |
3
|
Page/Identifiant |
349-360
|
Public visé |
Scientifique
|
Domaine(s) |
|
DOI | 10.1093/ereh/hex029 |
UT key WOS | 000456048600004 |
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