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Operationalising Capital Account Liberalisation: The Indian Experience

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  • Y. V. Reddy

Abstract

Although influenced by particular contextual factors that may not be capable of being generalised, the Indian experience of capital account liberalisation tends to vindicate a process approach, with the emphasis on caution and gradualism. This article explains the policy framework that governed liberalisation in the 1990s, and describes the current framework of controls; various facets of the Indian approach to managing the capital account; and current thinking on appropriate further steps. To date, the accent has been on progressively replacing administrative controls with prudential limits on transactions, these norms being guided by the country's absorptive capacities and financing needs, and by the need to achieve a mix of short‐term and long‐term, debt and non‐debt, and stable and volatile flows.

Suggested Citation

  • Y. V. Reddy, 2001. "Operationalising Capital Account Liberalisation: The Indian Experience," Development Policy Review, Overseas Development Institute, vol. 19(1), pages 83-99, March.
    • Handle: RePEc:bla:devpol:v:19:y:2001:i:1:p:83-99
    DOI: 10.1111/1467-7679.00125
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    Cited by:

    1. José Antonio Ocampo, 2005. "A Broad View of Macroeconomic Stability," Working Papers 1, United Nations, Department of Economics and Social Affairs.
    2. Ocampo, José Antonio, 2003. "Capital-account and counter-cyclical prudential regulations in developing countries," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1796.

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