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Capital inflows, financial repression, and macroeconomic policy in India since the reforms

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  • Partha Sen

Abstract

Since the early 1990s the Indian economy has seen a considerable relaxation of controls, as a consequence of which it has witnessed unprecedented growth. This is especially remarkable in the external sector. In this paper I evaluate the progress made on the macroeconomic front and address the possibility of opening up the capital account of the balance of payments. I show that given the weakness in the financial sector and the government finances, it may be dangerous to speed up the process of opening up the capital account further.
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Suggested Citation

  • Partha Sen, 2007. "Capital inflows, financial repression, and macroeconomic policy in India since the reforms," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 23(2), pages 292-310, Summer.
    • Handle: RePEc:oup:oxford:v:23:y:2007:i:2:p:292-310
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    File URL: http://hdl.handle.net/10.1093/oxrep/grm010
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    Cited by:

    1. Bai, Caiquan & Yan, Hong & Yin, Shanggang & Feng, Chen & Wei, Qian, 2021. "Exploring the development trend of internet finance in China: Perspective from club convergence," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    2. Kalim Siddiqui, 2015. "Challenges for Industrialisation in India: State versus Market Policies," Research in World Economy, Research in World Economy, Sciedu Press, vol. 6(2), pages 85-98, June.
    3. Partha Sen, 2022. "Macroeconomic Policy and Development in India: Some Analytical Issues," CESifo Working Paper Series 10175, CESifo.
    4. Ashima Goyal, 2012. "The Future Of Financial Liberalization In South Asia," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 19(1), pages 63-96, June.
    5. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611, August.
    6. Goyal, Ashima, 2010. "Inflows and policy: middling through," MPRA Paper 39868, University Library of Munich, Germany.
    7. Kalim SIDDIQUI, 2017. "Capital Liberalisation and Economic Instability," Journal of Economics and Political Economy, KSP Journals, vol. 4(1), pages 14-32, March.

    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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