Capital inflows, financial repression, and macroeconomic policy in India since the reforms
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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- Willem H. Buiter & Urjit R. Patel, 2005. "Excessive Budget Deficits, a Government-Abused Financial System, and Fiscal Rules," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 2(1), pages 1-54.
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"Why are capital flows so much more volatile in emerging than in developed countries?,"
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862, Department of Economics and Business, Universitat Pompeu Fabra.
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- Pami Dua & Partha Sen, 2006. "Capital Flow Volatility And Exchange Rates-- The Case Of India," Working papers 144, Centre for Development Economics, Delhi School of Economics.
- Vijay Joshi & Sanjeev Sanyal, 2004. "Foreign Inflows and Macroeconomic Policy in India," India Policy Forum, Global Economy and Development Program, The Brookings Institution, vol. 1(1), pages 135-188.
- Frederic S. Mishkin, 2004. "Can Inflation Targeting Work in Emerging Market Countries?," NBER Working Papers 10646, National Bureau of Economic Research, Inc.
- Kletzer, Kenneth, 2004. "Liberalizing Capital Flows in India: Financial Repression, Macroeconomic Policy and Gradual Reforms," Santa Cruz Center for International Economics, Working Paper Series qt3kj2w649, Center for International Economics, UC Santa Cruz.
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