Challenges to Monetary Policy From Financial Globalization: The Case of India
The question of how India should adapt monetary policy to ongoing financial globalization has gained prominence with the recent surge in capital inflows. This paper documents the degree to which India has become financially globalized, both in absolute terms and relative to emerging and developed co...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/131 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The question of how India should adapt monetary policy to ongoing financial globalization has gained prominence with the recent surge in capital inflows. This paper documents the degree to which India has become financially globalized, both in absolute terms and relative to emerging and developed countries. We find that despite a relatively low degree of openness, India''s domestic monetary conditions are highly influenced by global factors. We then review the experiences of countries that have adapted to financial globalization, drawing lessons for India. While we find no strong relationship between the degree of stability in monetary conditions and the broad monetary policy regime, our findings suggest that improvements in monetary operations and communication?sometimes prompted by a shift to an IT regime?have helped stabilize broader monetary conditions. In addition, the experience of countries which used non-standard instruments suggests that room to regulate capital flows effectively through capital controls diminishes as financial integration increases |
| Beschreibung: | 1 Online-Ressource (43 p) |
| ISBN: | 1451869908 9781451869903 |
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| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:33Z |
| institution | BVB |
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| series2 | IMF Working Papers |
| spelling | Prasad, A. Verfasser aut Challenges to Monetary Policy From Financial Globalization The Case of India Prasad, A Washington, D.C International Monetary Fund 2008 1 Online-Ressource (43 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/131 The question of how India should adapt monetary policy to ongoing financial globalization has gained prominence with the recent surge in capital inflows. This paper documents the degree to which India has become financially globalized, both in absolute terms and relative to emerging and developed countries. We find that despite a relatively low degree of openness, India''s domestic monetary conditions are highly influenced by global factors. We then review the experiences of countries that have adapted to financial globalization, drawing lessons for India. While we find no strong relationship between the degree of stability in monetary conditions and the broad monetary policy regime, our findings suggest that improvements in monetary operations and communication?sometimes prompted by a shift to an IT regime?have helped stabilize broader monetary conditions. In addition, the experience of countries which used non-standard instruments suggests that room to regulate capital flows effectively through capital controls diminishes as financial integration increases Online-Ausg Kramer, Charles Frederick Sonstige oth Poirson, Hélène Sonstige oth http://elibrary.imf.org/view/IMF001/09294-9781451869903/09294-9781451869903/09294-9781451869903.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Prasad, A. Challenges to Monetary Policy From Financial Globalization The Case of India |
| title | Challenges to Monetary Policy From Financial Globalization The Case of India |
| title_auth | Challenges to Monetary Policy From Financial Globalization The Case of India |
| title_exact_search | Challenges to Monetary Policy From Financial Globalization The Case of India |
| title_exact_search_txtP | Challenges to Monetary Policy From Financial Globalization The Case of India |
| title_full | Challenges to Monetary Policy From Financial Globalization The Case of India Prasad, A |
| title_fullStr | Challenges to Monetary Policy From Financial Globalization The Case of India Prasad, A |
| title_full_unstemmed | Challenges to Monetary Policy From Financial Globalization The Case of India Prasad, A |
| title_short | Challenges to Monetary Policy From Financial Globalization |
| title_sort | challenges to monetary policy from financial globalization the case of india |
| title_sub | The Case of India |
| url | http://elibrary.imf.org/view/IMF001/09294-9781451869903/09294-9781451869903/09294-9781451869903.xml |
| work_keys_str_mv | AT prasada challengestomonetarypolicyfromfinancialglobalizationthecaseofindia AT kramercharlesfrederick challengestomonetarypolicyfromfinancialglobalizationthecaseofindia AT poirsonhelene challengestomonetarypolicyfromfinancialglobalizationthecaseofindia |