A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies
研究了1986至2013年间约40个新兴市场国家，发现固定汇率制度会放大全球金融冲击对国内信贷、房价、银行杠杆和产出的传导，驳斥了汇率制度无关论。
This paper examines the claim that exchange rate regimes are of little salience in the transmission of global financial conditions to domestic financial and macroeconomic conditions by focusing on a sample of about forty emerging market countries over 1986 to 2013. Our findings show that exchange rate regimes do matter. The transmission of global financial shocks to domestic credit and house price growth, as well as to banking sector leverage and domestic output, is magnified under fixed exchange rate regimes relative to more flexible (though not necessarily fully flexible) exchange rate regimes.