Allegret, Jean-Pierre; Ayadi, Mohamed; Khouni, Leila … - HAL - 2007
. Soft pegs seem incompatible with international financial integration. As a result, a new consensus appeared: the choice of … increasing international capital mobility. From this perspective, theexchange-rate regime is seen as constrained by the monetary … policy trilemma, which imposes a stark trade-off among exchange stability, monetary independence, and capital market openness …