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The Future of financial liberalization in South Asia

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  • Ashima Goyal

    ()
    (Indira Gandhi Institute of Development Research)

Abstract

The paper defines financial liberalization, distinguishing between liberalization of domestic financial markets and capital account convertibility. It then examines the stages and the strategy of Indian financial reform. The Indian strategy followed a well thought out sequence whereby full capital account liberalization was to come after deepening domestic markets, and improving government finances. One alone is dangerous without the others. The experience of the global crisis has validated the Indian strategy and also shown that foreign entry has benefits but cannot resolve all issues. Deepening domestic markets and better domestic and international regulation is a necessary prerequisite for full convertibility. The direction of future liberalization should be such as meets Indian needs of financial inclusion, infrastructure finance, and domestic market deepening.

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Bibliographic Info

Paper provided by Indira Gandhi Institute of Development Research, Mumbai, India in its series Indira Gandhi Institute of Development Research, Mumbai Working Papers with number 2010-022.

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Length: 31 pages
Date of creation: Nov 2010
Date of revision:
Handle: RePEc:ind:igiwpp:2010-022

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Keywords: liberalization; capital account convertibility; regulation; inclusion; markets;

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  1. Partha Sen, 2007. "Capital Inflows, Financial Repression And Macroeconomic Policy In India Since The Reforms," Working papers, Centre for Development Economics, Delhi School of Economics 157, Centre for Development Economics, Delhi School of Economics.
  2. Ashima Goyal, 2010. "Regulatory Structure for Financial Stability and Development," Finance Working Papers 22778, East Asian Bureau of Economic Research.
  3. Kawai, Masahiro, 2009. "Reform of the International Financial Architecture: An Asian Perspective," ADBI Working Papers, Asian Development Bank Institute 167, Asian Development Bank Institute.
  4. Ashima Goyal, 2006. "Incentives from Exchange Rate Regimes in an Institutional Context," Macroeconomics Working Papers 22375, East Asian Bureau of Economic Research.
  5. Ashima Goyal, 2008. "The Structure of Inflation, Information and Labour Markets - Implications for monetary policy," Macroeconomics Working Papers 22378, East Asian Bureau of Economic Research.
  6. Ricardo Caballero & Arvind Krishnamurthy, 2001. "Smoothing Sudden Stops," NBER Working Papers 8427, National Bureau of Economic Research, Inc.
  7. Ashima Goyal, 2009. "Global financial architecture: Past and present arguments, advice, action," Indira Gandhi Institute of Development Research, Mumbai Working Papers, Indira Gandhi Institute of Development Research, Mumbai, India 2009-004, Indira Gandhi Institute of Development Research, Mumbai, India.
  8. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows," IMF Staff Position Notes, International Monetary Fund 2010/04, International Monetary Fund.
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