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India's financial globalisation

Ajay Shah () and Ila Patnaik ()
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Ila Patnaik: National Institute of Public Finance and Policy

Working Papers from National Institute of Public Finance and Policy

Abstract: 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.

Keywords: India; Financial globalisation; Capital controls, Capital flows (search for similar items in EconPapers)
JEL-codes: F15 F23 F32 F36 G15 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cwa, nep-his, nep-ifn and nep-opm
Date: 2011-01
Note: Working Paper 79, 2011
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