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Nonresident Deposits in India

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Author Info

  • Poonam Gupta
  • James P. F. Gordon

Abstract

This 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 Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/48.

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Length: 28
Date of creation: 01 Mar 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/48

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Related research

Keywords: Capital flows; Transfers of foreigners income; foreign currency; equation; correlation; independent variables; statistics; dummy variable; equations; portfolio investment; foreign exchange; dummy variables; equity flows; standard deviations; heteroscedasticity; time series; regression analysis; time series analysis; significance levels; standard deviation; probability; sensitivity analyses; regression equation; investment decisions; missing observations; correlations; foreign investment;

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References

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  1. Poonam Gupta & James P. F. Gordon, 2003. "Portfolio Flows Into India," IMF Working Papers 03/20, International Monetary Fund.
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Citations

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Cited by:
  1. Jacques Bouhga-Hagbe, 2006. "Altruism and Workers' Remittances," IMF Working Papers 06/130, International Monetary Fund.
  2. Ibrahim Sirkeci & Jeffrey H. Cohen & Dilip Ratha, 2012. "Migration and Remittances during the Global Financial Crisis and Beyond," World Bank Publications, The World Bank, number 13092, August.
  3. repec:nbr:nberwo:11387 is not listed on IDEAS
  4. Shah, Ajay & Patnaik, Ila, 2008. "Managing capital flows: The case of India," Working Papers, National Institute of Public Finance and Policy 08/52, National Institute of Public Finance and Policy.
  5. International Monetary Fund, 2006. "Determinants of Emigrant Deposits in Cape Verde," IMF Working Papers 06/132, International Monetary Fund.
  6. Jacques Bouhga-Hagbe, 2004. "A Theory of Workers' Remittances with An Application to Morocco," IMF Working Papers 04/194, International Monetary Fund.

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