Stablecoins have become one of the most debated topics in contemporary financial policymaking, especially following the enactment of the GENIUS Act in the United States. Beyond the U.S.—and outside monetary jurisdictions whose exchange rate regimes and monetary policies are closely aligned with the U.S. dollar—policy responses have diverged significantly, ranging from outright bans, as in […]
Author Archives: Ashutosh Jaiswal
Financial Stability, Macroeconomics and Monetary Policy
Capital Flow Management during the Taper Tantrum
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Emerging market economies often face acute challenges in the wake of sudden bouts of market volatility triggered by sharp capital outflows. Managing such turbulence—particularly when macroeconomic fundamentals offer limited support—requires a calibrated mix of conventional and unconventional policy responses. There is rarely a textbook solution to crises of this nature; central banks must deploy all available instruments with agility, while maintaining credible and consistent communication to anchor expectations.