2008 Krizi Sonrasında Para Politikası Bağımsızlığı Çerçevesinde İmkânsız Üçleme ve İkilem Hipotezine İlişkin Tartışmalar

Abstract

Based on the findings of empirical studies examining the trilemma-dilemma debate, this study aims to offer a general overview of this debate and light the way for future studies. We note that although some studies investigating the validity of the trilemma hypothesis conclude that it is still valid, others have found evidence in support of the dilemma hypothesis. Furthermore, a limited number of studies report that both hypotheses are partially valid. Examining the findings of these empirical studies as a whole, we can say that although flexible exchange rates continue to provide peripheral countries with more monetary independence, the steady increase in financial integration is weakening the shock-absorbing role played by the exchange rate today.