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India's financial globalisation

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Author Info

  • Shah, Ajay

    ()
    (National Institute of Public Finance and Policy)

  • Patnaik, Ila

    ()
    (National Institute of Public Finance and Policy)

Abstract

India 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 Info

Paper provided by National Institute of Public Finance and Policy in its series Working Papers with number 11/79.

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Length: 31
Date of creation: Jan 2011
Date of revision:
Handle: RePEc:npf:wpaper:11/79

Note: Working Paper 79, 2011
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Web page: http://www.nipfp.org.in

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Keywords: India ; Financial globalisation ; Capital controls; Capital flows;

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References

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  1. Ila Patnaik & Ajay Shah, 2010. "Why India choked when Lehman broke," Finance Working Papers 22974, East Asian Bureau of Economic Research.
  2. Ila Patnaik & Ajay Shah & Anmol Sethy & Vimal Balasubramaniam, 2010. "The exchange rate regime in Asia : From Crisis to Crisis," Finance Working Papers 21852, East Asian Bureau of Economic Research.
  3. repec:nbr:nberwo:11387 is not listed on IDEAS
  4. Ila Patnaik, 2004. "India's Experience with a Pegged Exchange Rate," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 1(1), pages 189-226.
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Citations

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Cited by:
  1. Ila Patnaik & Ajay Shah & Nirvikar Singh, 2013. "Foreign Investors Under Stress," IMF Working Papers 13/122, International Monetary Fund.
  2. Didier, Tatiana & Schmukler, Sergio L., 2013. "The financing and growth of firms in China and India : evidence from capital markets," Policy Research Working Paper Series 6401, The World Bank.
  3. Ila Patnaik & Ajay Shah & Nirvikar Singh, 2013. "Foreign Investors under Stress: Evidence From India," International Finance, Wiley Blackwell, vol. 16(2), pages 213-244, 06.

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