Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
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The financial support of faculty research funds of the UCSC and PSU is gratefully acknowledged. This paper encompasses the results in two shorter papers: "Mundell-Fleming's Impossible Trinity: Testing the Stability and Fitness of Trilemma's Linear Specification" and "The Emerging Global Financial Architecture - Tracing and Evaluating the New Patterns of the Trilemma's Configurations". We would like to thank Eduardo Borensztein, Eduardo Cavallo, Camilo Tavor, Mathijs van Dijk, and the participants at the BIS-LACEA 2008 Rio meeting and the 4th Tinbergen Conference for their useful comments and suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.