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Indian currency regime and its consequences

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Author Info
Patnaik, Ila () (National Institute of Public Finance and Policy)

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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/working_paper/wp_2007_49.pdf
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Publisher 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/working_paper/

For technical questions regarding this item, or to correct its listing, contact: (S.Siva Chidambaram).

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Keywords: Money;

References listed on IDEAS
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  1. 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!]
  2. 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)
    Other versions:
  3. Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  4. 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. [Downloadable!] (restricted)
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This page was last updated on 2009-12-10.

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