ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Flawed Logic of Capital Account Liberalisation

This article presents a brief summary of theoretical analysis and empirical evidence, suggesting that it is unwise to embark on further capital account liberalisation. India may miraculously avoid the boom-bust cycles associated with open capital accounts, but the costs of failure are very high. And India has very little slack with which to gamble.

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