India's Experience with Capital Flows
India's Experience with Capital Flows
The Elusive Quest for a Sustainable Current Account Deficit
This chapter describes India's policies toward capital flows during the last two decades. India's approach of gradual liberalization of the capital account has worked well in many ways. In India, there has been a rich interplay between policies and outcomes in capital flows and the currency regime. Its success at attracting substantial portfolio flows relates to strengths in the areas of information, size, and liquidity. India is a large country where sophisticated institutions have helped obtain a high success rate in attracting portfolio flows. It also has many potential strengths for participating in financial globalization. Its experience with capital flows is deeply intertwined with India's experience with the currency regime. Capital flows have shaped the currency regime, and the currency regime has shaped capital flows.
Keywords: capital flows, India, liberalization, currency, portfolio flows, financial globalization
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