The Mundell-Flemming Trilemma , Domestic Political Economy , and International Monetary Regime

蒙代尔-弗莱明三维悖论表明,一国的国际经济政策有三个相互矛盾的政策目标,即资本自由流动、稳定汇率,以及国内经济政策的独立性,一国最多可以同时实现其中的两项。在国内政治经济因素的作用下,历史上的三大国际金融秩序,即金本位、布雷顿森林体系和美元本位制,已经分别选择放弃过三项中的每一项,但最后都走向危机。未来的国际金融秩序的建构仍然要受这个悖论的困扰。 

The Mundell-Flemming trilemma indicates that a country' s international economic policy has three conflicting objectives, the free flow of capital , stable exchange rate, and the autonomy of domestic economic policy , of which a country can achieve at most two at one time .Affected by domestic political economy , the three major international monetary regimes in history , the gold standard , the Bretton Woods system , and the dollar standard , have chosen to give up one of the three at one time and so far they have tried all three alternatives.However , they all ended up with crisis .The construction of the future international monetary regime will still face the challenge of this trilemma.

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