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...Expand abstract
- World Economy
- Publication date:
- Local pid:
- Copyright date:
India and the Impossible Trinity.
Views and Downloads
If you are the owner of this record, you can report an update to it here: Report update to this record