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Financial Trilemma in China and a Comparative Analysis with India

Aizenman, Joshua - 2019

global economic growth-China and India. China's Trilemma configurations are unique relative to other emerging markets in the … for financial integration. In contrast, the Trilemma configurations of India are in line with choices made by other … emerging countries. India like other emerging economies has overtime converged towards a middle ground between the three policy …

Persistent link: https://www.econbiz.de/10012898782

The financial trilemma in China and a comparative analysis with India

Aizenman, Joshua; Sengupta, Rajeswari - 2011

globalization. In this paper we study the Trilemma choices of the two key drivers of global growth, China and India. We overview and … contrast the policy choices of the two, and test their Trilemma choices and tradeoffs. China’s Trilemma configurations are … that the segmentation of the domestic capital market in China, its array of capital controls and the large hoarding of …

Persistent link: https://www.econbiz.de/10009349229

How Should Emerging Economies Float Their Currencies?

Larrain, Felipe; Velasco, Andrés - 2004

Floating exchange rates seem to be gaining ground in Latin America, East Asia and the transition economies. The recent crises left many economies with no alternative but to float. Others have moved toward floating, searching for greater flexibility and insulation from external shocks. The...

Persistent link: https://www.econbiz.de/10014114187

India's trilemma : financial liberalization, exchange rates and monetary policy

Hutchison, Michael M.; Sengupta, Rajeswari; Singh, Nirvikar - 2010

rates and capital account openness - the trilemma. This paper calculates a trilemma index for India and investigates its …

Persistent link: https://www.econbiz.de/10008698332

Policy trilemma and interest rate behaviour in Nigeria

Ajogbeje, Korede; Adeniyi, Oluwatosin A.; Egwaikhide, … - In: CBN journal of applied statistics 9 (2018) 2, pp. 17-41

Policy makers face trade-off in dealing with exchange rate management, mo- netary independence and concerns about capital mobility simultaneously. This study empirically examines the effects of Nigeria's trilemma policy path on interest rate using data spanning from 1997:Q1 to 2017:Q3. It...

Persistent link: https://www.econbiz.de/10012031129

A 'Vertical' Analysis of Monetary Policy in Emerging Markets

Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003

During emerging market crises, domestic agents might have sufficient collateral to borrow from the other domestic agents, but they are unable to borrow from foreigners because the country, as a whole, lacks international collateral. In this setting, we show that an (ex-post) optimizing central...

Persistent link: https://www.econbiz.de/10014118568

Policy rules for capital controls

Pasricha, Gurnain Kaur - 2017

This paper attempts to borrow the tradition of estimating policy reaction functions in monetary policy literature and apply it to capital controls policy literature. Using a novel weekly dataset on capital controls policy actions in 21 emerging economies over the period 1 January 2001 to 31...

Persistent link: https://www.econbiz.de/10011777963

Dove or Hawk? Characterizing Monetary Policy Regime Switches in India

Hutchison, Michael M. - 2013

targeting regimes. A notable and often discussed exception to this trend, of course, is China which follows pegged exchange rate … regime supported by capital controls. Another major exception is India. It is not clear how to characterize the monetary … regime or identify the nominal monetary anchor in India. Is central bank policy in India following a predictable rule that is …

Persistent link: https://www.econbiz.de/10013086517

A Risk-Based Theory of Exchange Rate Stabilization

Hassan, Tarek A. - 2020

We develop a novel, risk-based theory of the effects of currency manipulation. In our model, the choice of exchange rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment for international investors. Policies that induce a...

Persistent link: https://www.econbiz.de/10012855279

A Dual Liquidity Model for Emerging Markets

Caballero, Ricardo J.; Krishnamurthy, Arvind - 2003

The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier...

Persistent link: https://www.econbiz.de/10014121253