Obstfeld warns emerging markets face dual trilemmas
Emerging markets face dual trilemmas in resisting capital flows
Emerging markets may be unable to fully defend themselves against the spillovers from external monetary policy shocks, particularly those from the US, according to a working paper by Maurice Obstfeld, published this week by the Bank for International Settlements.
Trilemmas and tradeoffs: living with financial globalisation, which includes additional comments by Otmar Issing and Takatoshi Ito, dissects emerging markets' response to volatile capital flows. Obstfeld finds those with flexible
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