By Laurissa Mühlich (auth.)
This e-book examines nearby financial cooperation as a method to augment macroeconomic balance in constructing international locations and rising markets. Interdisciplinary case reports on Southern Africa, Southeast Asia and South the USA offer a cross-regional viewpoint at the viability of such strategy.
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Additional resources for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
9. The term triangulation was introduced into social science as a metaphorical term based on the general idea of land surveying; it refers to locating one point from two others of known distance given the angles and the triangle formed by the three points (cf. Flick, 2004: 11). Part I Drivers of Regional Monetary Cooperation 2 Global Instability and “Monetary Regionalism” Since the end of the Bretton Woods system, the international monetary order has been marked by multipolarity. 1 At the core of the Bretton Woods system stood the US dollar, with the Federal Reserve Bank of the United States (US Fed) ensuring full gold convertibility of the US dollar.
However, as mentioned above, full dollarization eliminates the function of the national LLR. Thus, the advantage of eliminating currency risk in unilateral currency unions may be more than offset by the loss of key monetary policy instruments (cf. Acosta, 2001). In real terms, the economy remains exposed to exchange rate instability because nominally fixing the exchange rate to a key currency neither eliminates 36 Advancing Regional Monetary Cooperation instability with regard to other currencies nor implies real exchange rate parity (cf.
3 Monetary Policy Choices of Southern Economies Exchange rate regime choice makes up a decisive part of the so-called impossible trinity that is based on the Mundell Fleming model (Fleming, 1962; Mundell, 1963). The “impossible trinity” states that it is impossible for monetary policy authorities to reach policy autonomy (flexible exchange rates), financial integration (open capital accounts), and exchange rate stability (fixed exchange rates) simultaneously (cf. , 2008). A country may achieve only two of these three objectives (therefore also called the policy “trilemma”).