Munich Personal RePEc Archive

¿Es la Argentina el país donde se cumple el trilema monetario?

Zarate, Cristina A. (2016): ¿Es la Argentina el país donde se cumple el trilema monetario?

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Abstract

Abstract

The monetary trilemma states that it is impossible for a monetary authority to simultaneously have a fixed foreign exchange rate within a context of capital mobility and an independent monetary policy which targets internal objectives. The purpose of this paper is to validate said theory through a model which considers the capital and financial account as a function of the of currency exchange rate, the domestic and international interest rate and the inflation rate. The results show that even if the three objectives are desirable, it is impossible to to meet them simultaneously, in addittion to stating how the Central Bank can overcome this trilemma.

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