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India's Financial Globalisation

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  • Ila Patnaik
  • Ajay Shah

Abstract

India embarked on reintegration with the world economy in the early 1990s. At first, a certain limited opening took place emphasising equity flows by certain kinds of foreign investors. This opening has had myriad interesting implications in terms of both microeconomics and macroeconomics. A dynamic process of change in the economy and in economic policy then came about, with a co-evolution between the system of capital controls, macroeconomic policy, and the internationalisation of firms including the emergence of Indian multinationals.Through this process, de facto openness has risen sharply. De facto openness has implied a loss of monetary policy autonomy when exchange rate pegging was attempted. The exchange rate regime has evolved towards greater flexibility.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/7.

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Length: 24
Date of creation: 01 Jan 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/7

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Keywords: Capital controls; Capital flows; Exchange rate regimes; External borrowing; Financial sector; Foreign direct investment; equity market; financial intermediation; financial system; bonds; domestic financial system; portfolio investment; domestic financial intermediation; bond; international finance; capital account liberalisation; foreign capital; net capital; government bonds; capital inflows; corporate bonds; hedge funds; hedge; private equity funds; financial markets; equity financing; interest rate derivatives; financial regulation; foreign portfolio investment; bond market; equity funds; private equity; capital account restrictions; capital movements; stock market; capital inflow; capital account transactions; equity investment; net capital flows; domestic bond market; denominated bonds; equity capital; stock exchange; cost of capital; capital goods; capital mobility; financial services; financial market; international financial markets; denominated bond; credit market; equity inflows; domestic bond; forward markets; securities firms; securities transactions; foreign securities; equity markets; capital flow; financial systems; international financial system; short-term capital; financial reforms; foreign equity; financial globalization; equity ratio; international securities; capital accounts; short term debt; currency risk; securities transaction; current account deficit; bond markets; sale of government bonds; money market; index futures; currency regime; capital flow reversals; government bond;

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  1. repec:nbr:nberwo:11387 is not listed on IDEAS
  2. Ila Patnaik & Ajay Shah, 2010. "Why India choked when Lehman broke," Finance Working Papers 22974, East Asian Bureau of Economic Research.
  3. Ila Patnaik, 2004. "India's Experience with a Pegged Exchange Rate," India Policy Forum, Global Economy and Development Program, The Brookings Institution, Global Economy and Development Program, The Brookings Institution, vol. 1(1), pages 189-226.
  4. Patnaik, Ila & Shah, Ajay & Sethy, Anmol & Balasubramaniam, Vimal, 2010. "The exchange rate regime in Asia: From crisis to crisis," Working Papers, National Institute of Public Finance and Policy 10/69, National Institute of Public Finance and Policy.
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Cited by:
  1. Patnaik, Ila & Shah, Ajay & Singh, Nirvikar, 2012. "Foreign Investors Under Stress: Evidence from India," Working Papers, National Institute of Public Finance and Policy 12/103, National Institute of Public Finance and Policy.
  2. Ila Patnaik & Ajay Shah & Nirvikar Singh, 2013. "Foreign Investors Under Stress," IMF Working Papers 13/122, International Monetary Fund.
  3. Sergio Schmukler & Tatiana Didier, 2013. "The Financing and Growth of Firms in China and India: Evidence from Capital Markets," 2013 Meeting Papers, Society for Economic Dynamics 98, Society for Economic Dynamics.

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