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At the most general level, policymakers in open economies face a macroeconomic trilemma. Typically they are confronted with three typically desirable, yet contradictory,
objectives:
1. to stabilize the exchange rate;
2. to enjoy free international capital mobility;
3. to engage in a monetary policy oriented towards domestic goals.
Because only two out of the three objectives can be mutually consistent, policymakers must decide which one is to give up. This is the trilemma.
However, fluctuating exchange rates cannot insulate economies from the global financial cycle, when capital is mobile. The Trilemma morphs into a dilemma - independent
monetary policy are possible if and only if the capital accounts is managed, directly or indirectly, regardless of the exchange-rate regime.
This implies that gross flows, particular credit flows, are of great importance for financial stability and have to be monitored carefully. It is also only by looking at
gross flows and gross cross border positions that one can keep track of currency and maturity mismatch.
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