We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
İMKANSIZ ÜÇLEME'DEN İMKANSIZ İKİLEM'E: BRETTON WOODS DÖNEMİ VE SONRASI PARA POLİTİKASI.
- Authors
CÖMERT, Hasan
- Abstract
Trilemma can be a useful concept to understand monetary policy during the Bretton Woods (BW) regime. Under this regime, beside capital controls, regulated domestic financial markets and diversity in central bank instruments contributed to existence of independent monetary policy. However, after the collapse of the BW system, capital controls were lifted, domestic financial markets were deregulated, existing regulations were not implemented properly and short-term interest rates became the sole instrument of central banks. The size of financial flows and financial markets has reached unprecedented levels. During this process, the ability of central banks in both developed and developing countries has weakened. Especially in developing countries, main macroeconomic indicators have become very sensitive to the developments in the movements of financial flows. In this sense, we argue that this process can be considered a gradual transition from trilemma to dilemma especially in developing countries.
- Publication
Hacettepe University Journal of Economics & Administrative Sciences / Hacettepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi, 2016, Vol 34, Issue 1, p115
- ISSN
1301-8752
- Publication type
Article
- DOI
10.17065/huniibf.309287