Using de facto financial market integration estimated based on an international CAPM, this paper finds that while emerging markets can keep monetary autonomy under the trilemma constraint, advanced economies have limited autonomy due to tight financial integration in recent decades.

中文翻译：

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全球金融一体化和货币政策外溢

使用基于国际CAPM进行的事实金融市场整合估计，本文发现，尽管新兴市场可以将货币自治保持在三难约束之下，但由于近几十年来金融一体化趋紧，发达经济体的自治能力有限。