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The Consequences of currency intervention in India

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Author Info
Ila Patnaik (Indian Council for Research on International Economic Relations)

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Abstract

Currency management in India has focused on delivering low levels of currency volatility. In earlier years, the implementation of the currency regime was enabled by the presence of capital controls. In recent years, India has made much progress towards capital account convertibility. This paper closely examines India's experience with the implementation of the currency regime in two episodes: 1993-95 and after 2002. We argue that the implementation of the existing currency regime now induces distorted monetary policy and fiscal costs. These costs of implementing the currency regime need to be factored into the choice of currency regime

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Paper provided by Indian Council for Research on International Economic Relations, New Delhi, India in its series Indian Council for Research on International Economic Relations, New Delhi Working Papers with number 114.

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Length: 31 pages
Date of creation: Oct 2003
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Handle: RePEc:ind:icrier:114

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  1. Reinhart, Carmen & Khan, Mohsin, 1995. "Macroeconomic Management in APEC Economies: The Response to Capital Inflows," MPRA Paper 8148, University Library of Munich, Germany. [Downloadable!]
  2. Obstfeld, Maurice & Rogoff, Kenneth, 1995. "The Mirage of Fixed Exchange Rates," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 73-96, Fall. [Downloadable!] (restricted)
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  3. Grilli, Vittorio U., 1986. "Buying and selling attacks on fixed exchange rate systems," Journal of International Economics, Elsevier, vol. 20(1-2), pages 143-156, February. [Downloadable!] (restricted)
  4. Ila Patnaik, 2003. "India's policy stance on reserves and the currency," Indian Council for Research on International Economic Relations, New Delhi Working Papers 108, Indian Council for Research on International Economic Relations, New Delhi, India. [Downloadable!]
  5. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 379-408, May. [Downloadable!] (restricted)
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  6. Carmen M. Reinhart & Kenneth S. Rogoff, 2002. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," NBER Working Papers 8963, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Kletzer, Kenneth & Spiegel, Mark M., 2004. "Sterilization costs and exchange rate targeting," Journal of International Money and Finance, Elsevier, vol. 23(6), pages 897-915, October. [Downloadable!] (restricted)
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  8. Vijay Joshi, 2003. "India and the Impossible Trinity," The World Economy, Blackwell Publishing, vol. 26(4), pages 555-583, 04. [Downloadable!] (restricted)
  9. Kenneth Kletzer & Mark Spiegel, 1996. "Speculative capital inflows and exchange rate targeting in the Pacific Basin," Pacific Basin Working Paper Series 96-05, Federal Reserve Bank of San Francisco.
  10. Guillermo Calvo & Carmen Reinhart & Leonardo Leiderman, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Working Papers 92/62, International Monetary Fund.
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  1. Shah, Ajay, 2008. "New issues in Indian macro policy," Working Papers 08/51, National Institute of Public Finance and Policy. [Downloadable!]
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  2. Kenneth Kletzer, 2004. "Liberalizing Capital Flows in India: Financial Repression, Macroeconomic Policy and Gradual Reforms," Santa Cruz Department of Economics, Working Paper Series 1006, Department of Economics, UC Santa Cruz. [Downloadable!]
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