Economic and Financial Review


Biodun Adedipe


Central Bank of Nigeria, Research Department


Monetary policy transmission, Exchange rate regime, Emerging market economies, Capital flows, Capital control, Interest rates, Mundel-Fleming model


This paper proceeds in four sections as follows: section 1 is the introduction, section 2 gives a cursory summary of the literature on the 'trilemma-dilemma' that tend more towards the relevance of capital controls as an independent instrument in monetary policy irrespective of the exchange rate regime, while section 3 examines the evidence and effectiveness of the management of the process and relationships in emerging market economies (EME). Section 4 examines a country experience, while section 5 draws inferences for Nigeria and section 6 concludes with recommendations.





Recommended Citation

Adedipe, B. (2014). Exchange rates, capital flows and monetary policy: lessons from emerging market economies. CBN Economic and Financial Review. 52(4), 181-199.



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