India facing the macroeconomic policy trade-off – is it dilemma, trilemma or quadrilemma?
Sayantan Majumder () and
Ranjanendra Narayan Nag
Macroeconomics and Finance in Emerging Market Economies, 2021, vol. 14, issue 1, 24-44
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.
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