Nonresident Deposits in India
AbstractThis paper analyzes trends in the accumulation of NRI (nonresident Indian) deposits and investigates the determinants of these inflows. It finds that monthly deposit flows have been quite stable since the 1991 crisis; nevertheless, there have been occasions when monthly flows turned negative in the short run, coinciding with adverse domestic or external events. Econometric analysis shows that the NRI deposits are influenced by standard risk and return variables. In particular, NRI deposits respond positively to changes in relative interest rates on NRI deposits and LIBOR; negatively to political and geopolitical uncertainties, such as the government resigning in mid-term, and tensions on India''s borders; and negatively to adverse external events, such as the Asian crisis.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 04/48.
Date of creation: 01 Mar 2004
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Working Papers, National Institute of Public Finance and Policy
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