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India facing the macroeconomic policy trade-off – is it dilemma, trilemma or quadrilemma?

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  • Sayantan Bandhu Majumder
  • Ranjanendra Narayan Nag

Abstract

Understanding the modern manifestation of policy trilemma in the backdrop of the evolving global financial architecture is critical for an emerging economy like India which has embarked on the path of financial integration with the rest of the world over the last few decades. The paper seeks to understand whether Indian economy is facing the macroeconomic policy trade-off as proposed by the impossible trinity or the trade-off has morphed into the policy dilemma or quadrilemma? We find that trilemma constraint is binding and Indian economy is actually facing the quadrilemma rather than the policy dilemma.

Suggested Citation

  • Sayantan Bandhu Majumder & Ranjanendra Narayan Nag, 2021. "India facing the macroeconomic policy trade-off – is it dilemma, trilemma or quadrilemma?," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 14(1), pages 24-44, January.
    • Handle: RePEc:taf:macfem:v:14:y:2021:i:1:p:24-44
    DOI: 10.1080/17520843.2020.1786426
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    Cited by:

    1. Nitin Arora & Deepika Malik & Rahul Arora, 2022. "Which Combination of Impossible Trinity Choices Ensures Output and Price Stabilities in India? A Sign‐Restricted Vector Autoregressive Analysis," Economic Papers, The Economic Society of Australia, vol. 41(3), pages 260-275, September.

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