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Capital controls and exchange rate regime: case study of India

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  • Ramya Ghosh

Abstract

This paper focuses on India's exchange rate regime, capital controls and monetary policy. According to official classification, the exchange rate of the Indian rupee has been a ‘managed float' since the 1990s. This paper presents a classification of India's exchange rate regime and also investigates whether changes in capital controls have had any influence on the exchange rate regime. The results reveal that the Indian rupee was de facto pegged to the US dollar between 2001 and 2003 but it has been moving toward greater flexibility in recent years. The analysis shows that there is indeed a link between changes in capital controls and the exchange rate regime. The paper also offers a discussion of India's monetary policy independence in the context of ‘trilemma'.

Suggested Citation

  • Ramya Ghosh, 2012. "Capital controls and exchange rate regime: case study of India," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 5(2), pages 177-186, May.
    • Handle: RePEc:taf:macfem:v:5:y:2012:i:2:p:177-186
    DOI: 10.1080/17520843.2012.699896
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    References listed on IDEAS

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    1. Amit Ghosh & Ramya Ghosh, 2012. "Capital controls, exchange rate regime and monetary policy independence in India," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 5(3), pages 212-230.
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    Cited by:

    1. Salma Hadj Fraj & Mekki Hamdaoui & Samir Maktouf, 2018. "Governance and economic growth: The role of the exchange rate regime," International Economics, CEPII research center, issue 156, pages 326-364.
    2. Thomas Willett & Eric M.P. Chiu & Sirathorn (B.J.) Dechsakulthorn & Ramya Ghosh & Bernard Kibesse & Kenneth Kim & Jeff (Yongbok) Kim & Alice Ouyang, 2011. "Classifying international aspects of currency regimes," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 3(4), pages 288-303, November.

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