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Some New Perspectives on India's Approach to Capital Account Liberalization

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Eswar S. Prasad

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Abstract

In this paper, I analyze India's approach to capital account liberalization through the lens of the new literature on financial globalization. India's authorities have taken a cautious and calibrated path to capital account opening, which has served the economy well in terms of reducing its vulnerability to crises. By now, the capital account has become quite open and reversing this is not a viable option. Moreover, the remaining capital controls are rapidly becoming ineffective, making the debate about capital controls rather moot. Managing de facto financial integration into international capital markets and aligning domestic macroeconomic policies in a manner that maximizes the indirect benefits and reduces the risks is the key challenge now facing India's policymakers on this front.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14658.

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Date of creation: Jan 2009
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Handle: RePEc:nbr:nberwo:14658

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Find related papers by JEL classification:
F3 - International Economics - - International Finance
F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
O2 - Economic Development, Technological Change, and Growth - - Development Planning and Policy

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This page was last updated on 2009-11-25.

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