Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/63520
Authors: 
Kohli, Renu
Year of Publication: 
2004
Series/Report no.: 
Research Paper, UNU-WIDER, United Nations University (UNU) 2004/46
Abstract: 
India’s capital account displays a sharp swing in external financing from official assistance to private capital transfers in the 1990s. This paper examines the implications of this transition for the country. An analysis of the private resource transfer reveals that unlike official flows, private capital flows are associated with real exchange rate appreciation, expansion in domestic money supply and stock market growth, liquidity and volatility. The paper concludes with a discussion on the implications of the transition for economic policy.
Subjects: 
capital flows
capital account
real exchange rate
foreign exchange reserves
intervention
money supply
sterilization
capital controls
banking sector
stock market
JEL: 
E50
E60
F30
F21
ISBN: 
9291906352
Document Type: 
Working Paper

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