000			02332cam a22003257 4500
001			w11387
003			NBER
005			20211020112531.0
006			m o d
007			cr cnu||||||||
008			210910s2005 mau fo 000 0 eng d
100	1		_aShah, Ajay. _920593
245	1	0	_aIndia's Experience with Capital Flows: _bThe Elusive Quest for a Sustainable Current Account Deficit / _cAjay Shah, Ila Patnaik.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2005.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w11387
500			_aMay 2005.
520	3		_aFrom the early 1990s onwards, India has engaged in policies involving trade liberalisation, strong controls on debt flows, and encouragement for portfolio flows and FDI, under a pegged exchange rate regime. Domestic institutional factors have led to relatively little FDI and substantial portfolio flows. There has been significant tension between capital flows and the currency regime. Many tactical details of the intricate reforms to the capital controls derive from the interlocking relationships between monetary policy, the currency regime and capital flows. In the recent period, pegging has given a capital outflow through reserves accumulation which was larger than the substantial net private capital inflows. In March 2004, difficulties of pegging appear to have led to a near-tripling of the nominal rupee-dollar returns volatility, which has reduced outward capital flows. The goal of the early 1990s - of finding a consistent way to augment investment using current account deficits - has remained elusive.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF3 - International Finance _2Journal of Economic Literature class.
700	1		_aPatnaik, Ila. _918259
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w11387.
856	4	0	_uhttps://www.nber.org/papers/w11387
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w11387
942			_2ddc _cW-PAPER
999			_c336773 _d295335