<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4483</journal-id>
<journal-title><![CDATA[Ensayos sobre POLÍTICA ECONÓMICA]]></journal-title>
<abbrev-journal-title><![CDATA[Ens. polit. econ.]]></abbrev-journal-title>
<issn>0120-4483</issn>
<publisher>
<publisher-name><![CDATA[Banco de la República]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-44832017000100053</article-id>
<article-id pub-id-type="doi">10.1016/j.espe.2016.11.004</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[External debt and monetary policy autonomy]]></article-title>
<article-title xml:lang="es"><![CDATA[Deuda externa y autonomía de la política monetaria]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Davis]]></surname>
<given-names><![CDATA[Jonathan Scott]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Federal Reserve Bank of Dallas  ]]></institution>
<addr-line><![CDATA[Dallas ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>01</month>
<year>2017</year>
</pub-date>
<volume>35</volume>
<numero>spe82</numero>
<fpage>53</fpage>
<lpage>63</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-44832017000100053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-44832017000100053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-44832017000100053&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract During a time of rising world interest rates, the central bank of a small open economy may be motivated to increase its own interest rate to keep from suffering a destabilizing outflow of capital and depreciation in the exchange rate. Empirically, this paper shows that this is especially true for a small open economy with a current account deficit, which relies on foreign capital inflows to finance this deficit. In addition, the method of current account financing has alarge effect on whether or not the central bank will opt for exchange rate and capital flow stabilization during a time of rising world interest rates. A current account deficit financed mainly through reserve depletion or the accumulation of private sector debt will cause the central bank to pursue de facto exchange rate stabilization, whereas a current account deficit financed through equity or FDI will not. Quantitatively, reserve depletion of about 7% of GDP will motivate the central bank with a floating currency to adjust its interest rate in line with the foreign interest rate to where it appears that the central bank has an exchange rate peg. JEL classification: F30, F40, E30, E50.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Durante un periodo de tasas de interés mundiales al alza, el banco central de una economía abierta pequeña podría verse motivado a aumentar su tasa de interés para evitar sufrir una salida de capital desestabilizadora y una depreciación de la tasa de cambio. El presente artículo muestra de manera empírica que esto es especialmente cierto para una economía abierta pequeña con un déficit en cuenta corriente, la cual depende de la entrada de capital extranjero para financiar su déficit. Asimismo, el método de financiación de cuenta corriente tiene un efecto importante sobre si el banco central optará o no por la estabilización de la tasa del cambio y flujo de capital durante un periodo de alza de tasa de interés mundial. Un déficit de cuenta corriente financiado fundamentalmente con el agotamiento de la reserva o la acumulación de deuda procedente del sector privado ocasionará que el banco central busque de facto la estabilización de la tasa de cambio, mientras que un déficit de cuenta corriente que se financie mediante la venta de acciones o inversión extranjera directa no lo hará. Desde el punto de vista cuantitativo, un agotamiento de la reserva de un 7% del PIB motivará que el banco central con moneda flotante ajuste su tasa de interés en línea con la tasa de interés extranjera con la que parezca que el banco central tiene fijado un tipo de cambio. Códigos JEL: F30, F40, E30, E50.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Currency pegs]]></kwd>
<kwd lng="en"><![CDATA[Current account]]></kwd>
<kwd lng="en"><![CDATA[Central bank reserves]]></kwd>
<kwd lng="es"><![CDATA[Tipos de cambio fijos]]></kwd>
<kwd lng="es"><![CDATA[Cuenta corriente]]></kwd>
<kwd lng="es"><![CDATA[Reservas del banco central]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aizenman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Binici]]></surname>
<given-names><![CDATA[M.M]]></given-names>
</name>
<name>
<surname><![CDATA[Hutchison']]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The transmission of Federal Reserve tapering news to emerging financial markets]]></article-title>
<source><![CDATA[NBER Working Paper]]></source>
<year>2014</year>
<volume>19980</volume>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aizenman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Chinn]]></surname>
<given-names><![CDATA[M. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Ito]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2010</year>
<volume>29</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>615-41</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aizenman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Chinn]]></surname>
<given-names><![CDATA[M. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Ito]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Surfing the waves of globalization: Asia and financial globalization in the context of the trilemma]]></article-title>
<source><![CDATA[Journal of the Japanese and International Economies]]></source>
<year>2011</year>
<volume>25</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>290-320</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aizenman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Hutchison]]></surname>
<given-names><![CDATA[M. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange market pressure and absorption by international reserves: Emerging markets and fear of reserve loss during the 2008-2009 crisis]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2012</year>
<volume>31</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1076-91</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aizenman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Jinjarak]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Park]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital flows and economic growth in the era of financial integration and crisis, 1990-2010]]></article-title>
<source><![CDATA[Open Economies Review]]></source>
<year>2013</year>
<volume>24</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>371-96</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aizenman]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sun]]></surname>
<given-names><![CDATA[Y]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?]]></article-title>
<source><![CDATA[International Review of Economics &amp; Finance]]></source>
<year>2012</year>
<volume>24</volume>
<page-range>250-69</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Arteta]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Kose]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ohnsorge]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Stocker]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The coming US interest rate tightening cycle: Smooth sailing or stormy waters?]]></article-title>
<source><![CDATA[CAMA Working Paper]]></source>
<year>2015</year>
<volume>37/2015</volume>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bénétrix]]></surname>
<given-names><![CDATA[A. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Lane]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Shambaugh]]></surname>
<given-names><![CDATA[j. C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International currency exposures, valuation effects and the global financial crisis]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2015</year>
<volume>96</volume>
<page-range>S98-S109</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calderon]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Kubota]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Gross inflows gone wild: Gross capital inflows, credit booms, and crises]]></article-title>
<source><![CDATA[World Bank Policy Research Working Paper]]></source>
<year>2005</year>
<volume>6270</volume>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvo]]></surname>
<given-names><![CDATA[G. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Reinhart]]></surname>
<given-names><![CDATA[C. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fear of floating]]></article-title>
<source><![CDATA[Quarterly Journal of Economics]]></source>
<year>2002</year>
<volume>117</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>379-408</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cespedes]]></surname>
<given-names><![CDATA[L.F.]]></given-names>
</name>
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Velasco]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Must original sin cause macroeconomic damnation?]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Hausmann]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Other People's Money: Debt denomination and financial instability in emerging market economies]]></source>
<year>2005</year>
<page-range>48-67</page-range><publisher-name><![CDATA[The University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chinn]]></surname>
<given-names><![CDATA[M. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Ito]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A new measure of financial openness]]></article-title>
<source><![CDATA[Journal of Comparative Policy Analysis]]></source>
<year>2008</year>
<volume>10</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>309-22</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dabrowski]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[&#346;miech]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Papie&#380;]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Monetary policy options for mitigating the impact of the global financial crisis on emerging market economies]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2015</year>
<volume>51</volume>
<page-range>409-31</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Davis]]></surname>
<given-names><![CDATA[J. S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The macroeconomic effects of debt- and equity based capital inflows]]></article-title>
<source><![CDATA[Journal of Macroeconomics]]></source>
<year>2015</year>
<volume>46</volume>
<page-range>81-95</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Edwards]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Monetary policy independence under flexible exchange rates: An illusion?]]></article-title>
<source><![CDATA[The World Economy]]></source>
<year>2015</year>
<volume>38</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>773-87</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eichengreen]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Gupta]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tapering talk: The impact of expectations of reduced federal reserve security purchases on emerging markets]]></article-title>
<source><![CDATA[World Bank Policy Research Working Paper]]></source>
<year>2014</year>
<volume>6754</volume>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernández]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rebucci]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Uribe]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Are capital controls prudential? An empirical investigation]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2015</year>
<volume>76</volume>
<page-range>1-14</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fleming]]></surname>
<given-names><![CDATA[J. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Domestic financial policies under fixed and under floating exchange rates]]></article-title>
<source><![CDATA[Staff Papers, International Monetary Fund]]></source>
<year>1962</year>
<volume>9</volume>
<page-range>369-79</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forbes]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Warnock]]></surname>
<given-names><![CDATA[F. E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Debt-and equity-flow led capital flow episodes]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Fuentes]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Reinhart]]></surname>
<given-names><![CDATA[C. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Capital mobility and monetary policy]]></source>
<year>2014</year>
<publisher-name><![CDATA[Central Bank of Chile]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forbes]]></surname>
<given-names><![CDATA[K. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Klein]]></surname>
<given-names><![CDATA[M. W]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pick your poison: The choices and consequences of policy responses to crises]]></article-title>
<source><![CDATA[IMF Economic Review]]></source>
<year>2015</year>
<volume>63</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>197-237</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Frankel]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rose]]></surname>
<given-names><![CDATA[A. K]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Currency crashes in emerging markets: An empirical treatment]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>1996</year>
<volume>41</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>351-66</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="book">
<collab>International Monetary Fund</collab>
<source><![CDATA[Balance of payments and international investment position manual]]></source>
<year>2009</year>
<publisher-loc><![CDATA[Washington, DC ]]></publisher-loc>
<publisher-name><![CDATA[International Monetary Fund]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jongwanich]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Kohpaiboon]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital flows and real exchange rates in emerging Asian countries]]></article-title>
<source><![CDATA[Journal of Asian Economics]]></source>
<year>2013</year>
<volume>24</volume>
<page-range>138-46</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Klein]]></surname>
<given-names><![CDATA[M. W.]]></given-names>
</name>
<name>
<surname><![CDATA[Shambaugh]]></surname>
<given-names><![CDATA[j. C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Rounding the corners of the policy trilemma: Sources of monetary policy autonomy]]></article-title>
<source><![CDATA[American Economic Journal: Macroeconomics]]></source>
<year>2015</year>
<volume>7</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>33-66</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lane]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
<name>
<surname><![CDATA[McQuade]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Domestic credit growth and international capital flows]]></article-title>
<source><![CDATA[The Scandinavie Journal of Economics]]></source>
<year>2014</year>
<volume>116</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>218-52</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lane]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Milesi-Ferretti]]></surname>
<given-names><![CDATA[G. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2007</year>
<volume>73</volume>
<page-range>223-50</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lane]]></surname>
<given-names><![CDATA[P. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Milesi-Ferretti]]></surname>
<given-names><![CDATA[G. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[External adjustment and the global crisis]]></article-title>
<source><![CDATA[Journal of International Economics]]></source>
<year>2012</year>
<volume>88</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>252-65</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McKinnon]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Schnabl]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The East Asian dollar standard, fear of floating, and original sin]]></article-title>
<source><![CDATA[Review of Development Economics]]></source>
<year>2004</year>
<month>a</month>
<volume>8</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>331-60</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McKinnon]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Schnabl]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The return to soft dollar pegging in East Asia: Mitigating conflicted virtue]]></article-title>
<source><![CDATA[International Finance]]></source>
<year>2004</year>
<month>b</month>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>169-201</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Milesi-Ferretti]]></surname>
<given-names><![CDATA[G. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Tille]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The great retrenchment: International capital flows during the global financial crisis]]></article-title>
<source><![CDATA[Economic Policy]]></source>
<year>2011</year>
<volume>26</volume>
<numero>66</numero>
<issue>66</issue>
<page-range>285-342</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mishra]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Moriyama]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[N'Diaye]]></surname>
<given-names><![CDATA[P]]></given-names>
</name>
</person-group>
<source><![CDATA[Impact of fed tapering announcements on emerging markets]]></source>
<year>2014</year>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mundell]]></surname>
<given-names><![CDATA[R. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Capital mobility and stabilization policy under fixed and flexible exchange rates]]></article-title>
<source><![CDATA[Canadian Journal of Economics and Political Science]]></source>
<year>1963</year>
<volume>29</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>475-85</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Obstfeld]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<source><![CDATA[Trilemmas and trade-offs: Living with financial globalisation]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Obstfeld]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Shambaugh]]></surname>
<given-names><![CDATA[J. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[A. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The trilemma in history: Tradeoffs among exchange rates, monetary policies, and capital mobility]]></article-title>
<source><![CDATA[Review of Economics and Statistics]]></source>
<year>2005</year>
<volume>87</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>423-38</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Obstfeld]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Shambaugh]]></surname>
<given-names><![CDATA[J. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Taylor]]></surname>
<given-names><![CDATA[A. M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial stability, the trilemma, and international reserves]]></article-title>
<source><![CDATA[American Economic Journal: Macroeconomics]]></source>
<year>2010</year>
<volume>2</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>57-94</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rey]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dilemma not trilemma: The global financial cycle and monetary policy independence]]></article-title>
<source><![CDATA[NBER Working Paper]]></source>
<year>2015</year>
<volume>21162</volume>
</nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shaghil]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Coulibaly]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Zlate]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International financial spillovers to emerging market economies: How important are economic fundamentals?]]></article-title>
<source><![CDATA[International Finance Discussion Papers]]></source>
<year>2015</year>
<volume>1135</volume>
</nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shambaugh]]></surname>
<given-names><![CDATA[j. C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The effect of fixed exchange rates on monetary policy]]></article-title>
<source><![CDATA[The Quarterly Journal of Economics]]></source>
<year>2004</year>
<volume>119</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>301-52</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tong]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[WWei]]></surname>
<given-names><![CDATA[S.-j]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The composition matters: Capital inflows and liquidity crunch during a global economic crisis]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2011</year>
<page-range>2023-52</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vegh]]></surname>
<given-names><![CDATA[C. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Vuletin]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Overcoming the fear of free falling: Monetary policy graduation in emerging markets]]></article-title>
<source><![CDATA[NBER Working Paper]]></source>
<year>2012</year>
<volume>18175</volume>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
