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The Future of Financial Liberalization in South Asia

  • Ashima Goyal

    (Indira Gandhi Institute of Development Research, Mumbai)

The paper defines financial liberalization, distinguishing between liberalization of domestic financial markets and capital account convertibility. It then examines the stages and the strategy of Indian financial reform. The Indian strategy followed a well thought out sequence whereby full capital account liberalization was to come after deepening domestic markets, and improving government finances. One alone is dangerous without the others. The experience of the global crisis has validated the Indian strategy and also shown that foreign entry has benefits but cannot resolve all issues. Deepening domestic markets and better domestic and international regulation is a necessary prerequisite for full convertibility. The direction of future liberalization should be such as meets Indian needs of financial inclusion, infrastructure finance, and domestic market deepening.

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File URL: http://www.eaber.org/node/22051
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Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 22051.

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Date of creation: Jan 2010
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Handle: RePEc:eab:financ:22051
Contact details of provider: Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org

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  1. S. Narayan, 2009. "India," Chapters, in: The Political Economy of Trade Reform in Emerging Markets, chapter 7 Edward Elgar.
  2. Ashima Goyal, 2009. "Global Financial Architecture : past and present arguments, advice, action," Finance Working Papers 22932, East Asian Bureau of Economic Research.
  3. Ashima Goyal, 2006. "Regulation and Deregulation of the Stock Market in India," Chapters, in: Deregulation and its Discontents, chapter 9 Edward Elgar.
  4. Kawai, Masahiro, 2009. "Reform of the International Financial Architecture: An Asian Perspective," ADBI Working Papers 167, Asian Development Bank Institute.
  5. Goyal, Ashima, 2008. "Incentives from Exchange Rate Regimes in an Institutional Context," MPRA Paper 24310, University Library of Munich, Germany.
  6. Khan, Rana Ejaz Ali & Hye, Qazi Muhammad Adnan, 2011. "Financial Liberalization And Demand For Money: A Case of Pakistan," MPRA Paper 34795, University Library of Munich, Germany.
  7. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows; The Role of Controls," IMF Staff Position Notes 2010/04, International Monetary Fund.
  8. Ashima Goyal, 2008. "The Structure of inflation, information and labour markets: Implications for monetary policy," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2008-010, Indira Gandhi Institute of Development Research, Mumbai, India.
  9. Partha Sen, 2007. "Capital inflows, financial repression, and macroeconomic policy in India since the reforms," Oxford Review of Economic Policy, Oxford University Press, vol. 23(2), pages 292-310, Summer.
  10. Ashima Goyal, 2010. "Regulatory Structure for Financial Stability and Development," Working Papers id:2458, eSocialSciences.
  11. Ricardo Caballero & Arvind Krishnamurthy, 2001. "Smoothing Sudden Stops," NBER Working Papers 8427, National Bureau of Economic Research, Inc.
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