Some new perspectives on India's approach to capital account liberalization / Eswar S. Prasad.
Material type:
TextSeries: Working paper series (National Bureau of Economic Research) ; no. 14658.Publication details: Cambridge, Mass. : National Bureau of Economic Research, 2009Description: 31, [19] p. : ill. ; 22 cmSubject(s): Fiscal policy -- India | Free trade -- India | India -- Economic conditions -- 1991-LOC classification: HB1 | .N38 no. 14658Online resources: Click here to access online Summary: In this paper, I analyze India's approach to capital account liberalization through the lens of the new literature on financial globalization. India's authorities have taken a cautious and calibrated path to capital account opening, which has served the economy well in terms of reducing its vulnerability to crises. By now, the capital account has become quite open and reversing this is not a viable option. Moreover, the remaining capital controls are rapidly becoming ineffective, making the debate about capital controls rather moot. Managing de facto financial integration into international capital markets and aligning domestic macroeconomic policies in a manner that maximizes the indirect benefits and reduces the risks is the key challenge now facing India's policymakers on this front.
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University of Macedonia Library Βιβλιοστάσιο Β (Stack Room B) | Research Papers | HB1.N38 no. 14658 (Browse shelf (Opens below)) | 1 | Available | 0013125463 |
Includes bibliographical references.
In this paper, I analyze India's approach to capital account liberalization through the lens of the new literature on financial globalization. India's authorities have taken a cautious and calibrated path to capital account opening, which has served the economy well in terms of reducing its vulnerability to crises. By now, the capital account has become quite open and reversing this is not a viable option. Moreover, the remaining capital controls are rapidly becoming ineffective, making the debate about capital controls rather moot. Managing de facto financial integration into international capital markets and aligning domestic macroeconomic policies in a manner that maximizes the indirect benefits and reduces the risks is the key challenge now facing India's policymakers on this front.
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