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Full-Text Articles in Social and Behavioral Sciences

Surfing The Waves Of Globalization: Asia And Financial Globalization In The Context Of Trilemma, Joshua Aizenman, Menzie David Chinn, Hiro Ito Nov 2009

Surfing The Waves Of Globalization: Asia And Financial Globalization In The Context Of Trilemma, Joshua Aizenman, Menzie David Chinn, Hiro Ito

Economics Faculty Publications and Presentations

Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma—monetary independence, exchange rate stability, and financial openness—this paper examines how policy configurations affect macroeconomic performances with focus on the Asian economies. We find that the three policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if ...


The Emerging Global Financial Architecture: Tracing And Evaluating New Patterns Of The Trilemma Configuration, Joshua Aizenman, Menzie David Chinn, Hiro Ito Oct 2009

The Emerging Global Financial Architecture: Tracing And Evaluating New Patterns Of The Trilemma Configuration, Joshua Aizenman, Menzie David Chinn, Hiro Ito

Economics Faculty Publications and Presentations

This paper investigates how the trilemma policy mix affects economic performance in developing countries. We find that greater monetary independence can dampen output volatility, while greater exchange rate stability is associated with greater output volatility, which can be mitigated by reserve accumulation; greater monetary autonomy is associated with higher inflation, while greater exchange rate stability and greater financial openness is linked with lower inflation; pursuit of exchange rate stability can increase output volatility when financial development is at an intermediate stage. Greater financial openness, when accompanied by a high level of financial development, reduces output volatility.


Ecolopolis 4.0: Livability In Cascadia, Portland State University Jan 2009

Ecolopolis 4.0: Livability In Cascadia, Portland State University

Regional Planning and Metropolitan Growth Management Research Projects

This is a working document and is the forth report in this series. This document examines the implications for Cascadia of the new federal livability partnership between the Environmental Protection Agency, the Department of Housing and Urban Development, and the Department of Transportation. This new interest in the role that Federal agencies can and should play in furthering goals for livability and smart growth presents Cascadia and other megaregions an opportunity to articulate their own livability agendas in anticipation of new initiatives emanating from Washington, DC.

This version, 4.0, has been produced by the Fall 2009 class and is ...