Files to Recreate the Trilemma Indexes

Joshua Aizenman

University of Southern California and NBER

Menzie Chinn

University of Wisconsin, Madison, and NBER

Hiro Ito

Portland State University



This website presents the STATA program files and datasets that will allow you to replicate our trilemma indexes.


Before trying to create the trilemma indexes on your own, please first read the data description.


Please follow the following instructions.


1.   Downloading all the files below.

This file creates the indexes for monetary independence (MI) and exchange rate stability (ERS).


This .ado file just creates country names based on the IMF numerical country codes.


This file calculates correlations.


This is the Chinn-Ito index. You may get the latest version here.


This file merges the data created by corr_create.ado .


This is the data that can be used for testing the program.


This file contains the country codes, years, and the base country codes. This file is necessary even if you use your own interest rate and exchange rate data.


2.   Open "" in STATA.


3.   On Line 9 of the "" file, write the location of the folder to which you save all the above data and do/ado files.


4.   On Line 12, keep as is if you want to test with our data "test_data.dta." Or, if you want to use your own data, write the name of the file on Line 13 and erase "//".


5.   If necessary, make changes on Lines 19 and 20.


Place cn_full_name.ado, corr_create.ado, lp_merge.ado in "C:\Users\...\ado\personal" (or wherever you store .ado files you created)


You should be able to recreate the indexes. Our trilemma indexes are available here.


Disclaimer: We are not responsible for the results of the estimations that use the index. Although the index is based on the information released by the International Monetary Fund, the index is not associated with the Fund. All the errors of the index are the authors' own. All rights reserved.


After trying to follow the above instructions on your own, if you still have questions, email Hiro Ito ( The dataset "test_data.dta" is just for the purpose of testing the program. We are not responsible for the accuracy or consistency of the data.


Updated on 10/12/2016