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- Title
THE EFFECTIVENESS OF TRILEMMA POLICY CHOICE IN THE PRESENCE OF MACROPRUDENTIAL POLICIES: EVIDENCE FROM EMERGING ECONOMIES.
- Authors
JUHRO, SOLIKIN M.; PRABHEESH, K. P.; LUBIS, ALEXANDER
- Abstract
This paper examines the effectiveness of the trilemma policy choice, in the presence of macroprudential policies in 10 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.
- Subjects
FINANCIAL policy; EMERGING markets; GLOBAL Financial Crisis, 2008-2009; MONETARY policy; FINANCIAL security
- Publication
Singapore Economic Review, 2024, Vol 69, Issue 1, p483
- ISSN
0217-5908
- Publication type
Article
- DOI
10.1142/S0217590821410058