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Capital Controls and Capital Flows in Emerging EconomiesPolicies, Practices, and Consequences$
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Sebastian Edwards

Print publication date: 2007

Print ISBN-13: 9780226184975

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226184999.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 02 June 2020

India's Experience with Capital Flows

India's Experience with Capital Flows

The Elusive Quest for a Sustainable Current Account Deficit

Chapter:
(p.609) 13 India's Experience with Capital Flows
Source:
Capital Controls and Capital Flows in Emerging Economies
Author(s):

Ajay Shah

Ila Patnaik

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226184999.003.0014

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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