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Did the Indian Capital Controls Work as a Tool of Macroeconomic Policy&quest

Ila Patnaik () and Ajay Shah ()

IMF Economic Review, 2012, vol. 60, issue 3, 439-464

Abstract: The present debate over capital controls emphasizes their potential role as tools for macroeconomic and financial stability. The effectiveness of these tools may depend on whether a country has the legal and administrative machinery to implement capital controls. This paper contributes to the analysis of the costs and benefits of capital controls by studying the experience of India, a country that has a system of capital controls that had never been dismantled. The paper finds that when the capital controls were used as tools of macroeconomic policy, during a capital surge, the Indian experience appears to be similar to that of other countries.

Date: 2012
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