Macroprudential Policies for the External Sector: India’s Approach and Experience: A Discussion

Duvvuri Subbarao

Chapter 19 in Macro-financial Stability Policy in a Globalised World: Lessons from International Experience:Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference, 2023, pp 399-407 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Volatile capital flows have exacerbated the policy challenges for emerging market central banks. Indeed, every emerging market economy (EME) crisis over the last four decades — be it the series of crises in Latin America in the 1980s, the Tequila Crisis of Mexico and the East Asan Financial Crisis in the 1990s or individual country crises in Turkey, Russia or Argentina in the 2000s — has been a consequence of sharp surge, sudden stop and abrupt reversal of capital flows…

Keywords: Macro-financial Policy; Policy Framework; Macroprudential Policy; Monetary Policy; Fiscal Policy; Capital Flow Management Measure; Capital Control; Foreign Exchange Intervention; Integrated Policies; Multiple Policies; Policy Trade-off; Policy Substitute; Policy Complement; Policy Interaction; Policy Space; Central Bank; International Spillovers; Spillbacks; Sending Country; Receiving Country; Financial Channel; Financial Regulation; Financial Stability; External Stability; Advanced Economy; Emerging Market Economy; Capital Flow; Portfolio Flow; Banking Flow; Exchange Rate; Banking System; Non-bank Financial Institution; United Kingdom; Sweden; China; Hong Kong Sar; India; Indonesia; Korea; Singapore; Latin America; Croatia (search for similar items in EconPapers)
JEL-codes: E E52 E58 E6 F F01 F3 F38 (search for similar items in EconPapers)
Date: 2023
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