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India and the Impossible Trinity.

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 developin...

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Journal:
World Economy
Volume:
26
Publication date:
2003-01-01
URN:
uuid:027784b0-bbc3-4973-849a-9b18e6dba357
Local pid:
oai:economics.ouls.ox.ac.uk:11539
Language:
English

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