ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Global Imbalances, Reserve Management and Public Infrastructure in India

If there were no policy interventions of any kind in the foreign exchange markets, and all markets were present and deep, it is far from clear that the size and direction of global imbalances would be any different than they are today. What would be different is the manner in which surplus savings are being managed. The real problem today is not a macroeconomic one to be alleviated by a complex policy coordination of monetary and fiscal policies. Instead, it is a microeconomic problem of how to best manage national savings.

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