商科 | Managing the Macroeconomy Monetary and Exchange Rate Issues in India

作者:阁楼君

The reduced global demand for India’s exports led to a rise in the country’s CADs which was further aggravated by a slowdown in capital inflows.

Managing the Macroeconomy

Monetary and Exchange Rate Issues in India 



Ramkishen S. Rajan and Venkataramana Yanamandra 



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Since the liberalisation of the Indian economy in 1991, the country has experienced sustained current account deficits (CADs), with domestic investment rates outpacing the growing savings rates. These deficits were serviced by a massive influx of capital inflows which was made possible by the gradual removal of, or reduction in, restrictions on foreign investments since 1991. These inflows also often generated significant net demand for the Indian rupee (INR), which in turn applied upward pressures on the currency. A natural consequence of such currency appreciation would have been a loss of export competitiveness and a widening of the country’s trade deficit but for the active foreign exchange intervention of India’s central bank – the Reserve Bank of India (RBI). The resultant build- up of India’s foreign exchange reserves created excess liquidity in the system which was subsequently absorbed by the RBI (so-called monetary sterilisation) in order to prevent the rise of inflationary pressures in the economy. This absorption of excess liquidity continued up until the Global Financial Crisis (GFC) of 2008–09, when there was a sudden reversal of capital flows and a slump in the Indian economy. 


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