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

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Revisiting Reserves

An ideal system of global liquidity for the official sector is one which both lubricates international commerce with low risk while facilitating the smooth adjustment of global imbalances when these represent an underlying disequilibrium, all in an environment of highly mobile international capital.

HT PAREKH FINANCE COLUMN Revisiting Reserves Suman Bery possible harm being done to Indias external competitive position. Indeed, the divergence between the present Indian stance on these matters and those of our Asian peers has led the Economist, normally a caustic critic

I would like to acknowledge the support of the Ministry of Finance for initial work on this issue, my colleague at NCAER, Bornali Bhandari, for her collaboration, and helpful discussions with Surjit Bhalla, Vijay Joshi, Deepak Lal and Y V Reddy. Remaining errors are mine.

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