THE EFFECTIVENESS OF TRILEMMA POLICY CHOICE IN THE PRESENCE OF MACROPRUDENTIAL POLICIES: EVIDENCE FROM EMERGING ECONOMIES

Juhro, S.M and Prabheesh, K. P. and et al, . (2021) THE EFFECTIVENESS OF TRILEMMA POLICY CHOICE IN THE PRESENCE OF MACROPRUDENTIAL POLICIES: EVIDENCE FROM EMERGING ECONOMIES. The Singapore Economic Review. pp. 1-33. ISSN 0217-5908

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Abstract

This paper examines the effectiveness of the trilemma policy choice, in the presence of macroprudential policies in ten emerging market economies. We address this issue due to the extensive use of macroprudential policies to maintain financial stability in the aftermath of global financial crisis. Our overall findings suggest that adoption of macroprudential policies with monetary policy helps to maintain macroeconomic stability in 6 out of 10 cases, and with capital account openness being effective only in three cases. Our findings suggest that the emerging economies' policymakers can optimize the effectiveness of trilemma policy choice by giving more weightage to macroprudential policies along with exchange rate stability and monetary policy.

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IITH Creators:
IITH CreatorsORCiD
Prabheesh, K PUNSPECIFIED
Item Type: Article
Uncontrolled Keywords: Macroprudential policy; Monetary policy independence; Policy mix; Trilemma
Subjects: Literature
Social sciences
Social sciences > Social Services
Divisions: Department of Liberal Arts
Depositing User: . LibTrainee 2021
Date Deposited: 13 Jul 2021 06:55
Last Modified: 18 Feb 2022 07:31
URI: http://raiith.iith.ac.in/id/eprint/8269
Publisher URL: http://doi.org/10.1142/S0217590821410058
OA policy: https://v2.sherpa.ac.uk/id/publication/9769
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