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Financial Globalisation, Exchange Rates and Capital Controls in Developing Countries

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  • Vijay Joshi

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    Abstract

    This paper argues that (i) for many developing countries, the optimal external payments regime would be a combination of an intermediate exchange rate with capital controls and (ii) the policy stance and advice of the IMF should reflect this view. The paper uses India as a case-study to illustrate its argument.

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    File URL: https://crawford.anu.edu.au/acde/publications/publish/papers/wp2003/wp-econ-2003-19.pdf
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    Bibliographic Info

    Paper provided by The Australian National University, Arndt-Corden Department of Economics in its series Departmental Working Papers with number 2003-19.

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    Length: 28 pages
    Date of creation: 2003
    Date of revision:
    Handle: RePEc:pas:papers:2003-19

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    Web page: https://crawford.anu.edu.au/acde/publications/
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    Related research

    Keywords: Globalisation; Exchange rate regimes; Impossible Trinity; Capital controls; India; East Asian crisis.;

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    1. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
    2. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc.
    3. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
    4. Vijay Joshi, 2003. "India and the Impossible Trinity," The World Economy, Wiley Blackwell, vol. 26(4), pages 555-583, 04.
    5. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
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