India's financial globalisation
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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- Patnaik, Ila & Shah, Ajay & Sethy, Anmol & Balasubramaniam, Vimal, 2010.
"The exchange rate regime in Asia: From crisis to crisis,"
10/69, National Institute of Public Finance and Policy.
- Patnaik, Ila & Shah, Ajay & Sethy, Anmol & Balasubramaniam, Vimal, 2011. "The exchange rate regime in Asia: From crisis to crisis," International Review of Economics & Finance, Elsevier, vol. 20(1), pages 32-43, January.
- Ajay Shah & Ila Patnaik & Anmol Sethy & Vimal Balasubramaniam, 2010. "The Exchange Rate Regime in Asia: From Crisis to Crisis," Working Papers id:2582, eSocialSciences.
- 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.
- Patnaik, Ila, 2005.
"India's Experience with a Pegged Exchange Rate,"
India Policy Forum,
National Council of Applied Economic Research, vol. 1(1), pages 189-226.
- Ajay Shah & Ila Patnaik, 2005.
"India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit,"
NBER Working Papers
11387, National Bureau of Economic Research, Inc.
- Ajay Shah & Ila Patnaik, 2007. "India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 609-644 National Bureau of Economic Research, Inc.
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