Book notes: Governance of International Banking: The Financial Trilemma
Dirk Schoenmaker, Governance of International Banking: The Financial Trilemma, Oxford University Press, 2013, 208 pages
This book contains a seminal contribution to the debate about the future of financial market regulation. The central theory is that of ‘the financial trilemma’. This is similar to ‘the monetary trilemma’ developed independently by Robert Mundell and Marcus Fleming about half a century ago, in which fixed exchange rates and national monetary policy cannot be combined in an open
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