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India and the Impossible Trinity

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Author Info
Vijay Joshi (Merton College, Oxford)
Abstract

In the 1990s, India responded to the well-known trilemma of macroeconomic policy by adopting an intermediate exchange rate system combined with selective capital controls. This regime enabled the country to balance exchange rate stability, exchange rate targeting and monetary autonomy, and to weather successfully various shocks that included contagion from the East Asian crisis. India's experience serves to reinforce doubts about the desirability of bipolar exchange rate regimes for developing countries as an integral element of a new international financial architecture. Copyright © Blackwell Publishing Ltd 2003.

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Article provided by Blackwell Publishing in its journal The World Economy.

Volume (Year): 26 (2003)
Issue (Month): 4 (04)
Pages: 555-583
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Handle: RePEc:bla:worlde:v:26:y:2003:i:4:p:555-583

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  1. Tobias Knedlik & Johannes Stöbel, 2006. "The role of banking portfolios in the transmission from currency crises to banking crises - potential effects of Basel II," IWH Discussion Papers 21-06, Halle Institute for Economic Research. [Downloadable!]
  2. Vijay Joshi, 2003. "Financial Globalisation, Exchange Rates and Capital Controls in Developing Countries," Departmental Working Papers 2003-19, Australian National University, Economics RSPAS. [Downloadable!]
  3. Shah, Ajay, 2008. "New issues in Indian macro policy," Working Papers 08/51, National Institute of Public Finance and Policy. [Downloadable!]
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  4. Sushanta Mallick & Helena Marques, 2007. "Pass-through of Exchange Rate and Tariffs into Import Prices of India: Currency Depreciation versus Import Liberalisation," Working Papers 3, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research. [Downloadable!]
    Other versions:
  5. Goh, Soo Khoon, 2009. "Managing the Impossible Trinity: The Case of Malaysia," MPRA Paper 18094, University Library of Munich, Germany. [Downloadable!]
  6. Ila Patnaik, 2003. "The Consequences of currency intervention in India," Indian Council for Research on International Economic Relations, New Delhi Working Papers 114, Indian Council for Research on International Economic Relations, New Delhi, India. [Downloadable!]
  7. Desh Gupta & Milind Sathye, 2004. "Financial Developments in India: Should India introduce capital account convertibility?," ASARC Working Papers 2004-07, Australian National University, Australia South Asia Research Centre. [Downloadable!]
  8. Ajay Shah & Ila Patnaik, 2005. "India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Defecit," NBER Working Papers 11387, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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