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All Journal Jurnal Ekonomi dan Studi Pembangunan (JESP)
Rinny Apriliany Zakaria
Brawijaya University
Economics, Econometrics & Finance

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The Mundell-Fleming Trilemma Combination on Middle-Income Countries Rinny Apriliany Zakaria; Ghozali Maski; Putu Mahardika Adi Saputra; Ahmed Mohamed Annegrat
Jurnal Ekonomi dan Studi Pembangunan Vol 15, No 1 (2023)
Publisher : Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17977/um002v15i12023p050

Abstract

The Mundell-Fleming trilemma hypothesis stated that a country could not simultaneously achieve exchange rate stability, financial integration, and monetary independence. The fixed exchange rate policy, free capital mobility, and monetary independence are trade-offs and impossible to run simultaneously. This research aims to identify the combination of the Mundell-Fleming trilemma formed in middle-income countries. Using the panel ARDL model, we found that the Mundell-Fleming trilemma tends to converge in the short run. While on the long run, middle-income countries tend to choose monetary independence and financial integration, resulting in a less stable exchange rate, as mentioned in the hypothesis
Co-Authors Ahmed Mohamed Annegrat Ghozali Maski Putu Mahardika Adi Saputra