Journal Article

Capital inflows, financial repression, and macroeconomic policy in India since the reforms

Partha Sen

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 23, issue 2, pages 292-310
Published in print June 2007 | ISSN: 0266-903X
Published online January 2007 | e-ISSN: 1460-2121 | DOI: https://dx.doi.org/10.1093/oxrep/grm010
Capital inflows, financial repression, and macroeconomic policy in India since the reforms

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Since the early 1990s the Indian economy has seen a considerable relaxation of controls, as a consequence of which it has witnessed unprecedented growth. This is especially remarkable in the external sector. In this paper I evaluate the progress made on the macroeconomic front and address the possibility of opening up the capital account of the balance of payments. I show that given the weakness in the financial sector and the government finances, it may be dangerous to speed up the process of opening up the capital account further.

Keywords: economic liberalization; financial repression; capital account convertibility; E58; F21; F32; F43

Journal Article.  9763 words. 

Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit ; International Factor Movements and International Business ; International Finance ; Macroeconomic Aspects of International Trade and Finance

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