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Capital inflows, financial repression, and macroeconomic policy in India since the reforms

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  • Partha Sen

Abstract

Since the early 1990s the Indian economy has seen a considerable relaxation of controls, as a consequence of which it has witnessed unprecedented growth. This is especially remarkable in the external sector. In this paper I evaluate the progress made on the macroeconomic front and address the possibility of opening up the capital account of the balance of payments. I show that given the weakness in the financial sector and the government finances, it may be dangerous to speed up the process of opening up the capital account further.

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File URL: http://hdl.handle.net/10.1093/oxrep/grm010
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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 23 (2007)
Issue (Month): 2 (Summer)
Pages: 292-310

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Handle: RePEc:oup:oxford:v:23:y:2007:i:2:p:292-310

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  1. Ricardo J. Caballero, 2000. "Macroeconomic Volatility in Latin America: A View and Three Case Studies," NBER Working Papers 7782, National Bureau of Economic Research, Inc.
  2. Fernando A. Broner & Roberto Rigobon, 2005. "Why are Capital Flows so Much More Volatile in Emerging Than in Developed Countries?," Working Papers Central Bank of Chile 328, Central Bank of Chile.
  3. Kletzer, Kenneth, 2004. "Liberalizing Capital Flows in India: Financial Repression, Macroeconomic Policy and Gradual Reforms," Santa Cruz Center for International Economics, Working Paper Series qt3kj2w649, Center for International Economics, UC Santa Cruz.
  4. Frederic S. Mishkin, 2004. "Can Inflation Targeting Work in Emerging Market Countries?," NBER Working Papers 10646, National Bureau of Economic Research, Inc.
  5. Vijay Joshi & Sanjeev Sanyal, 2004. "Foreign Inflows and Macroeconomic Policy in India," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 1(1), pages 135-188.
  6. Willem H. Buiter & Urjit R. Patel, 2005. "Excessive Budget Deficits, a Government-Abused Financial System, and Fiscal Rules," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 2(1), pages 1-54.
  7. Pami Dua & Partha Sen, 2006. "Capital Flow Volatility And Exchange Rates-- The Case Of India," Working papers 144, Centre for Development Economics, Delhi School of Economics.
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Cited by:
  1. Goyal, Ashima, 2010. "Inflows and policy: middling through," MPRA Paper 39868, University Library of Munich, Germany.
  2. Ashima Goyal, 2012. "The Future Of Financial Liberalization In South Asia," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 19(1), pages 63-96, June.

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