У статті досліджується синхронний рух потоків капіталу, який породжує явище, що отримало назву глобального фінансового циклу. Спочатку в статті оцінюється глобальний спільний фактор для потоків капіталу за допомогою факторної моделі і визначається його значущість у кількісному вимірі. Далі автор вивчає циклічні властивості отриманого фактору і робить висновок про те, що загалом його значущість для потоків капіталу є відносно обмеженою. Це може свідчити, що трилема Манделла-Флемінга (а не дилема), як і раніше, описує компроміс, перед яким постають центральні банки, а внутрішня економічна політика відіграє головну роль у підтриманні макроекономічної стабільності.
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