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The Indian currency regime and its consequences

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  • Patnaik, Ila

    ()
    (National Institute of Public Finance and Policy)

Abstract

While the Indian rupee is claimed to be a `market determined ex-change rate', there is a gulf between the de facto and de jure exchange rate regime. An examination of the data reveals that India has a de facto rupee-dollar pegged exchange rate. From the early 1990s on- wards, as India as reintegrated with the world economy, the implementation of this pegged exchange rate has induced increasing monetary policy distortions. The volatility of the rupee-dollar rate has sub-stantial variation which have considerable implications for economic agents in understanding currency risk and monetary policy. However these changes in course have not been preceded by announcements from RBI.

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File URL: http://www.nipfp.org.in/newweb/sites/default/files/wp_2007_49.pdf
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Bibliographic Info

Paper provided by National Institute of Public Finance and Policy in its series Working Papers with number 07/49.

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Length: 13
Date of creation: Jun 2007
Date of revision:
Handle: RePEc:npf:wpaper:07/49

Note: Working Paper 49, 2007
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Web page: http://www.nipfp.org.in

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Keywords: Money;

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References

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  1. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  2. Ajay Shah & Ila Patnaik, 2007. "India’s Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 609-644 National Bureau of Economic Research, Inc.
  3. Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
  4. repec:nbr:nberwo:11387 is not listed on IDEAS
  5. Benassy-Quere, Agnes & Coeure, Benoit & Mignon, Valerie, 2006. "On the identification of de facto currency pegs," Journal of the Japanese and International Economies, Elsevier, vol. 20(1), pages 112-127, March.
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Cited by:
  1. Ajay Shah & Ila Patnaik, 2009. "Does the Currency Regime Shape Unhedged Currency Exposure?," Working Papers id:2049, eSocialSciences.
  2. Bhattacharya, Rudrani & Patnaik,Ila, 2014. "Monetary policy analysis in an inflation targeting framework in emerging economies: The case of India," Working Papers 14/131, National Institute of Public Finance and Policy.

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