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Capital Flows and Their Macroeconomic Effects in India
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Author/Editor: |
Kohli, Renu |
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December 1, 2001 |
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Electronic Access: |
Free Full Text (PDF file size is 1,724KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper documents trends in movement and composition of capital flows into India in a comparative perspective, examines the impact of these flows upon key macroeconomic variables in the economy, and dwells on implications for economic policy. We find that an inflow of foreign capital results in a real appreciation and has a significant impact on domestic money supply. During a capital surge, these effects have been countered through intervention and sterilization. The paper concludes with a discussion on the costs of these policies in the event of a heavy inflow of foreign capital into India.
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Series: |
Working Paper No. 01/192 |
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Subject(s): |
Capital flows | India | Capital account | Real effective exchange rates | Intervention | Capital controls | Money supply | Foreign exchange reserves |
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Author's keyword(s): |
Capital flows | capital account | real exchange rate | foreign exchange reserves | intervention | money supply | sterilization |
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Published: |
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December 1, 2001 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA1922001 |
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Pages: |
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36 |
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Price: |
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US$15.00
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Price Delivery Note: |
Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA. |
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