India's financial globalisation
AbstractIndia embarked on reintegration with the world econ- omy in the early 1990s. At first, a certain limited open- ing took place emphasising equity flows by certain kinds of foreign investors. This opening has had myriad in- teresting implications in terms of both microeconomics and macroeconomics. A dynamic process of change in the economy and in economic policy then came about, with a co-evolution between the system of capital con- trols, macroeconomic policy, and the internationalisa- tion of firms including the emergence of Indian multi- nationals. Through this process, de facto openness has risen sharply. De facto openness has implied a loss of monetary policy autonomy when exchange rate pegging was attempted. The exchange rate regime has evolved towards greater flexibility.
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Bibliographic InfoPaper provided by National Institute of Public Finance and Policy in its series Working Papers with number 11/79.
Date of creation: Jan 2011
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Note: Working Paper 79, 2011
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India ; Financial globalisation ; Capital controls; Capital flows;
Other versions of this item:
- F15 - International Economics - - Trade - - - Economic Integration
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-12 (All new papers)
- NEP-HIS-2011-02-12 (Business, Economic & Financial History)
- NEP-IFN-2011-02-12 (International Finance)
- NEP-OPM-2011-02-12 (Open Economy Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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