On May 29, 2023, our University had the privilege of hosting Professor Joshua Aizenman from the University of Southern California, USA. Professor Joshua Aizenman presented the
results of his research on the Mundell-Fleming model. His speech on Mundell-Fleming Open Economy Trilemma in the 21st Century – Are we heading towards a multipolar global
architecture? concerned the creative development of the concept of the well-known trillema. The research of the Professor and his associates was aimed at including the fourth
dimension in the discussed theory: financial stability, in addition to exchange rate flexibility, autonomy of monetary policy and financial integration. Thus, the trilemma turned into a
quadrilemma.
Professor Aizenman also pointed to the clear development of three-polar world: USA, European Union and China, which may be important for the future shape of the international
monetary system, and discussed the experience related to the use of swap lines between central banks.
During the presentation, Professor Aizenman answered numerous questions from the academic staff of our university.
Professor Aizenman is a renowned lecturer at the University of Southern California and serves as a Research Associate at the National Bureau of Economic Research (NBER). With an impressive body of
work comprising over 500 scientific publications, his research covers a wide range of topics including the significance of foreign exchange reserves, the development and transformation of
emerging economies, exchange rate regimes, capital mobility, and monetary and fiscal policy. He has also provided expert opinions to the IMF, the World Bank, the Inter-American Development
Bank, the Asian Development Bank, and the Federal Reserve Bank in San Francisco.
Furthermore, Professor Aizenman has collaborated closely, and continues to do so, with prestigious finance journals such as the Journal of International Money and Finance, European Economic
Review, Journal of International Economics, and Journal of Economic Integration.
