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India and the Impossible Trinity

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  • Vijay Joshi

    (Merton College, Oxford)

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    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 Wiley Blackwell 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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    Cited by:

    1. Ajay Shah, 2008. "New issues in Indian macro policy," Working Papers id:1478, eSocialSciences.
    2. Amit Ghosh & Ramya Ghosh, 2012. "Capital controls, exchange rate regime and monetary policy independence in India," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 5(3), pages 212-230.
    3. Sen Gupta, Abhijit, 2010. "Management of International Capital Flows: The Indian Experience," MPRA Paper 23747, University Library of Munich, Germany.
    4. Sushanta Mallick & Helena Marques, 2008. "Passthrough of Exchange Rate and Tariffs into Import Prices of India: Currency Depreciation versus Import Liberalization," Review of International Economics, Wiley Blackwell, vol. 16(4), pages 765-782, 09.
    5. Goh, Soo Khoon, 2009. "Managing the Impossible Trinity: The Case of Malaysia," MPRA Paper 18094, University Library of Munich, Germany.
    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.
    7. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 665-681, September.
    8. Desh Gupta & Milind Sathye, 2004. "Financial Developments in India: Should India introduce capital account convertibility?," ASARC Working Papers 2004-07, The Australian National University, Australia South Asia Research Centre.
    9. Vijay Joshi, 2003. "Financial Globalisation, Exchange Rates and Capital Controls in Developing Countries," Departmental Working Papers 2003-19, The Australian National University, Arndt-Corden Department of Economics.
    10. Ajay Shah & Ila Patnaik, 2007. "India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit," NBER Chapters,in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 609-644 National Bureau of Economic Research, Inc.

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