I had just written on the impossible trinitytrilemma of the European crisis.
RBI’s research conference was on another trilemma : Price Stability, Financial Stability and Sovereign Debt Sustainability.
This speech from Dr Subbarao is a must read. He says not only this is a trilemma but a situation in which all three have to be managed. Unlike other trilemmas, where you need to give up one here you have to mange all three:
Charles Goodhart has this interesting take on UK vs France downgrade.
Despite UK having a much higher debt/gdp ratio than France, France is downgraded. UK escapes as it can choose to inflate its debt and has its own currency and France does not have a choice. But is that fair and reasonable?
He says default can be both ways – not paying the debt or inflating it:
Supriyo De Officer on Special Duty at FinMin writes this paper on the topic. Compared to other paper which mostly criticize India’s fiscal policy this one is more supportive.
The paper looks at fiscal policy since 1950s:
https://www.intelligenteconomist.com/economics-blogs/
Mostly Economics 