Liberalizing Capital Flows

Liberalizing Capital Flows

Product ID: 16211

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Author: Renu Kohli
Publisher: Oxford University Press
Year: 2005
Language: English
Pages: 259
ISBN/UPC (if available): 0195670574


This volume is an account of India's financial integration with the world economy which coincides with a period of intense fragility in the global financial environment. India is opening up its capital markets at a time when openness to capital flows is being seriously questioned. The volume analyses the complexities and loopholes in India's reform journey in the face of liberalization of capital movements.

India's gradual pace, coordination with domestic financial sector reforms, and approach to the liberalization of its capital account distinguish it from countries such as Chile, Korea, and Mexico.
The volume aims to answer several critical questions:

What constitutes an appropriate strategy for managing capital inflows in India?
What are the major stumbling blocks to complete account convertibility?
Is the domestic financial sector ready to face the impact of full capital account liberalization?
How do impending macroeconomic reforms like fiscal imbalances constrain further liberalization

In answering these questions, the book provides a positive, strategic, and normative analysis of monetary and financial governance. It identifies dangers to further liberalization unless key constraints limiting monetary policy responses are removed.





Global Trends
India's Capital Account Liberalization: Evolution, Pace, and Sequencing
Capital Account Liberalization and the Domestic Financial Sector
Exchange Rate and Fiscal Policies
The Impact of Capital Account Liberalization
Capital Account Liberalization: The Road Ahead