India's Financial Globalisation
Ajay Shah () and
Ila Patnaik ()
No 2011/007, IMF Working Papers from International Monetary Fund
India embarked on reintegration with the world economy in the early 1990s. At first, a certain limited opening took place emphasising equity flows by certain kinds of foreign investors. This opening has had myriad interesting 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 controls, macroeconomic policy, and the internationalisation of firms including the emergence of Indian multinationals.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.
Keywords: WP; India; firm; capital control; capital; financial globalisation; capital controls; capital flows; firm internationalisation; inbound FDI investor; portfolio flow; issues circular; capital controls in India; capital account restriction; reserve bank of India; foreign direct investment regime; private equity; capital mobility; capital account openness; high quality firm; Capital account; Foreign direct investment; Exchange rate arrangements; Stock markets; Global (search for similar items in EconPapers)
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