Impossible Trinity, Capital Flow Market and Financial Stability
基于蒙代尔-弗莱明模型，引入资本流动市场，使国家在开放外汇和资本市场的同时，免受汇率波动和金融危机影响，并保持货币与财政政策自主性，解决全球化风险。
SUMMARY As observed by Calvo (2002) , the world financial market is wrought with systemic hazards that are largely independent to the individual countries affected. Systemic problem requires systemic instrument. Based on the Mundell‐Fleming model, we institute a capital flow market into an economy. After the additional market is introduced, countries can enjoy the benefits from opening their foreign exchange and capital markets but at the same time, be free from exchange rate volatility and financial crises as well as retain full autonomy in monetary and fiscal policies for maintaining internal balances. The ‘globalization hazard’ is resolved.