文章基本信息

标题：Global Finance: Past and Present
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作者：Alan M. Taylor
期刊名称：Finance and Development
印刷版ISSN：0015-1947
电子版ISSN：0145-1707
出版年度：2004
卷号：41
期号：01
出版社：International Monetary Fund
摘要：Policymakers in two eras of globalization faced the same "trilemma" of difficult macroeconomic policy trade-offs. Comparing the early years of the 20th century with the current era of globalization, the author finds that it is not possible for a government simultaneously to peg the exchange rate, keep an open capital market, and enjoy monetary policy autonomy. He draws lessons for today's policymakers.