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THE MUNDELL-FLEMING MODEL IN MODERN OPEN ECONOMIES: A SYSTEMATIC REVIEW

Edunomika Journal : Studies In Education And Development Economics · Vol. 1 No. 2 (2026) · pp. 82–92

DOI
10.22437/edunomika.v1i2.57705
ISSN
3124-8845
Published
2026-07-20
Publisher
Magister Program Studi Pendidikan Ekonomi
Language
en
License
creativecommons.org/licenses/by/4.0

Abstract

This systematic review aims to map the evolution and relevance of the Mundell-Fleming Model (MFM) amidst the complex dynamics of the modern global economy. Adapting the PRISMA protocol, this study extracted and synthesized 25 primary articles (2015–2026) from Scopus, Google Scholar, and Sinta databases. The review results show that the MFM is not obsolete, but rather undergoing a metamorphosis. Rigid assumptions such as the Policy Trilemma are now proving to be more flexible, significantly influenced by domestic political forces, innovations in banking digitalization, and the paradigm of global currency dominance. The novelty of this article lies in the integration of classical macroeconomic debates with previously marginalized contemporary dimensions, such as the green energy transition and political economy. Consequently, this research not only guides policymakers in developing countries to formulate robust fiscal-monetary instruments to withstand crisis shocks but also contributes fundamentally to the development of economic science and education. In the educational realm, these findings urge educators to transition from teaching static macroeconomic models to adaptive multidimensional analytical frameworks, so that students are equipped with a conscience and critical reasoning sensitivity to the empirical realities of real-world financial markets.

Keywords

Collaboration network of the authors

14 authors · 34 co-authorship links

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  • State University of Jakarta
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles
Paulina LubisAffiliation unknown1
Tiza AnzariAffiliation unknown1
Nurida IsnaeniAffiliation unknown1
Nivaen AprillianiAffiliation unknown1
Irwan IskandarAffiliation unknown1
Widodo WidodoState University of Jakarta1
Sudarningsih SudarningsihAffiliation unknown1
Satria BijaksanaAffiliation unknown1
Abd HafidzAffiliation unknown1
Luki MaulanaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://online-journal.unja.ac.id/index.php/edunomika/oai, first harvested 6 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">THE MUNDELL-FLEMING MODEL IN MODERN OPEN ECONOMIES: A SYSTEMATIC REVIEW</dc:title>
	<dc:creator xml:lang="en">Pratama, Aditya</dc:creator>
	<dc:creator xml:lang="en">Novalia, Susi</dc:creator>
	<dc:creator xml:lang="en">Syahmi, Afdhanil</dc:creator>
	<dc:creator xml:lang="en">Jamaluddin, Iqbal</dc:creator>
	<dc:subject xml:lang="en">Mundell-Fleming Model</dc:subject>
	<dc:subject xml:lang="en">Open Economy</dc:subject>
	<dc:subject xml:lang="en">Policy Trilemma</dc:subject>
	<dc:subject xml:lang="en">Macroeconomic Dynamics</dc:subject>
	<dc:subject xml:lang="en">Systematic Review</dc:subject>
	<dc:description xml:lang="en">This systematic review aims to map the evolution and relevance of the Mundell-Fleming Model (MFM) amidst the complex dynamics of the modern global economy. Adapting the PRISMA protocol, this study extracted and synthesized 25 primary articles (2015–2026) from Scopus, Google Scholar, and Sinta databases. The review results show that the MFM is not obsolete, but rather undergoing a metamorphosis. Rigid assumptions such as the Policy Trilemma are now proving to be more flexible, significantly influenced by domestic political forces, innovations in banking digitalization, and the paradigm of global currency dominance. The novelty of this article lies in the integration of classical macroeconomic debates with previously marginalized contemporary dimensions, such as the green energy transition and political economy. Consequently, this research not only guides policymakers in developing countries to formulate robust fiscal-monetary instruments to withstand crisis shocks but also contributes fundamentally to the development of economic science and education. In the educational realm, these findings urge educators to transition from teaching static macroeconomic models to adaptive multidimensional analytical frameworks, so that students are equipped with a conscience and critical reasoning sensitivity to the empirical realities of real-world financial markets.</dc:description>
	<dc:publisher xml:lang="en">Magister Program Studi Pendidikan Ekonomi</dc:publisher>
	<dc:date>2026-07-20</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://online-journal.unja.ac.id/edunomika/article/view/57705</dc:identifier>
	<dc:identifier>10.22437/edunomika.v1i2.57705</dc:identifier>
	<dc:source xml:lang="en">Edunomika Journal : Studies In Education And Development Economics; Vol. 1 No. 2 (2026): Edunomika Journal: Studies in Education and Development Economics; 82-92</dc:source>
	<dc:source>3124-8845</dc:source>
	<dc:language>en</dc:language>
	<dc:relation>https://online-journal.unja.ac.id/edunomika/article/view/57705/24982</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2026 Aditya Pratama, Susi Novalia, Afdhanil Syahmi, Iqbal Jamaluddin</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by/4.0</dc:rights>
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