Economic and Financial Review


Central Bank of Nigeria


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.

Author Bio

Dr. Biodun Adedipe is the Chief consultant, Biodun Adedipe Consult, Nigeria.

Publication Title

CBN Economic and Financial Review





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.

Included in

Finance Commons



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