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Making monetary policy decisions is a fine line to tread, always seeking to balance the needs of the domestic economic conditions with the need to keep events in the outside world under check. It is impossible to overstate the significance of monetary Trilemma in this context. This study aims to test the presence of monetary Trilemma and the contrasting dilemma hypothesis in India. The study is conducted over a considerable long span of time (1996–2022) to understand the evolution and changes in the management of Trilemma. In order to ascertain the changes in the existence of dilemma in India, this study analyses pre- and post-global financial crisis time periods. The relevance of exchange rate regimes in transforming Trilemma into a dilemma in the Indian context is assessed by providing for capital account restrictions. This evaluation helps to comprehend the impact of spillovers caused by monetary policy shocks in the United States and the resulting global financial cycle in India. The study provides evidence in favor of Trilemma and the relevance of exchange rate regimes as well as capital controls in determining monetary policy independence. The prevalence of more flexible exchange rate regimes favors a gradual shift toward dilemma, in situation of low capital controls.

The human service triad (i.e. the relationship between the customer, frontline employee (FLE) and managerial employee) experiences a range of well-being challenges when faced with the introduction of service robots. Despite growth in service robot scholarship, understanding of the well-being challenges affecting the human service triad remains fragmented. Hence, the purpose of this paper is to synthesise the literature and offer a research agenda aligned with the proposed Robotic-Human Service Trilemma. By taking a job performance approach (which considers the actions, behaviours and outcomes linked to organisational goals), the Robotic-Human Service Trilemma conceptualises three well-being challenges (intrusion, sideline and interchange). These challenges are realised via the realistic capabilities and constraints of service robot implementation.

This research relies on a systematic review of all disciplines concerning service robots. In total, 82 articles were analysed using thematic coding and led to the development of the Robotic-Human Service Trilemma and research agenda.

The analyses reveal the Robotic-Human Service Trilemma consists of three challenges: intrusion, sideline and indifference. The findings demonstrate that FLEs are required to counterbalance the constraints of service robots, leading to an uneven well-being burden within the human service triad. This paper suggests a research agenda for investigation of the challenges that underpin the Robotic-Human Service Trilemma.

Through the conceptualisation of the Robotic-Human Service Trilemma, this study is the first to explore how states of well-being equilibrium exist within the human service triad and how these states are challenged by service robots. The authors present a balanced centricity perspective to well-being that contrasts previous trade-off approaches and that enhances the body of service robot literature with a well-being lens.

This chapter deals with the estimation of the effect of exchange rate flexibility on financial account openness. The purpose of our analysis is twofold: On the one hand, we try to quantify the differences in the estimated parameters when exchange rate flexibility is treated as an exogenous regressor. On the other hand, we try to identify how two different degrees of exchange rate flexibility (intermediate vs floating regimes) affect the propensity of opening the financial account. We argue that a simultaneous determination of exchange rate and financial account policies must be acknowledged in order to obtain reliable estimates of their interaction and determinants. Using a panel data set of advanced countries and emerging markets, a trivariate probit model is estimated via a maximum simulated likelihood approach. In line with the monetary policy trilemma, our results show that countries switching from an intermediate regime to a floating arrangement are more likely to remove capital controls. In addition, the estimated coefficients exhibit important differences when exchange rate flexibility is treated as an exogenous regressor relative to the case when it is treated as endogenous.

This paper aims to obtain a recent estimate of the cost of precautionary foreign reserve accumulation that emerging market and developing economies (EMDEs) had to endure to protect themselves against the risks of financial globalization. In addition, the study estimates the cost of excess reserves in emerging market economies (EMEs) using various reserve adequacy indicators that reflect potential sources of foreign exchange drains and vulnerability in EMEs' balance of payments.

This paper begins by explaining the accumulation of foreign reserves in EMDEs as a self-protection strategy against the risks of financial globalization. Next, it sheds light on the different types of economic costs of foreign reserve accumulation. Finally, it estimates the cost of foreign reserve accumulation in EMEs during the period (1990–2018) and in EMDEs during the period (1990–2015) due to data availability.

Results indicate that the cost of accumulating foreign reserves as a self-protection strategy in EMDEs and EMEs' was huge compared to their development financing needs. Applying various reserve adequacy measures demonstrates that many of the EMEs were holding inadequate precautionary reserves in 2018. Actually, this reflects the significant increase in external short term debt that many of the EMEs have witnessed since the eruption of the global financial crisis (2008). Thus increasing reserves in EMEs with weak reserve buffers and higher external debt is critical as they are more vulnerable to external shocks and capital flow reversals. Also given the estimated huge costs of accumulating foreign reserves, EMDEs should accompany it by other complementary self-protection policies and liquidity management policies to free up resources for productive investment.

The study contributes to the literature by estimating the cost of precautionary foreign reserve accumulation imposed on EMDEs during an extended period of time that covers a decade after the onset of the global financial crisis. Also to the authors' knowledge, this is the first study that estimates the cost of excess reserves in EMEs using various reserve adequacy indicators including the International Monetary Fund (IMF) assessing reserve adequacy (ARA) approach.

The purpose of this paper is to investigate the impact of the US unconventional monetary policy surprises on the management of trilemma in India.

This paper uses the event study approach along with OLS and MANOVA to examine the impact.

The results validate the existence of trilemma in India for the period from October 2008 to December 2017. The results also show that monetary policy independence still exists in India in the wake of greater spillover effects during the Federal Open Market Committee announcement days. The spillover effects on USD-INR exchange rates and capital flows are found to be statistically significant. The MANOVA results show that the trilemma in India is influenced by around 20% by the changes in the US monetary policy.

The above approach of event study combined with MANOVA in this subject area has not been used before to the best of the authors’ knowledge. Further, there are only a few studies that exist on the spillover effects of the US monetary policy actions on the management of trilemma in India.

This chapter examines the issue of policy coordination as conceived by the Eurozone institutional setting. After having briefly recalled the meaning of fiscal and monetary policy coordination in the Keynesian and present paradigm, it describes the meaning of coordination inside the Eurozone: it emerges as a marked subordination of national fiscal policies to the objective of the stability of the common currency, in term of prices and interest rates. This feature generates two main fragilities to which the entire Euro Area is exposed: the first deriving from the role assigned to financial markets and the second one linked to the presence of external imbalances. Some reflections about the need to build up common policy institutions as a mean to grant stability and growth in the Eurozone are provided.