Capital Account Liberalization And Stability Of Capital Markets In India An Empirical Analysis PDF Download
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| Author | : Lekshmi R Nair |
| Publisher | : GRIN Verlag |
| Total Pages | : 34 |
| Release | : 2011-11-07 |
| Genre | : Business & Economics |
| ISBN | : 3656048568 |
Download Capital account liberalization and stability of capital markets in India Book in PDF, ePub and Kindle
Scientific Study from the year 2011 in the subject Economics - Macro-economics, general, , language: English, abstract: This paper examines the implications of capital account liberalization on the stability of capital markets in India captured in terms of two indicators, the market liquidity indicator and market volatility from 1993-94 to 2007-08. The empirical analysis, after controlling for other variables affecting the stability of capital markets, shows that capital account liberalization; particularly foreign portfolio investment liberalization has not contributed significantly to market liquidity whereas it has contributed significantly to increased market volatility. These results are particularly relevant since India opened its financial markets to Foreign Portfolio flows at an earlier stage of its reform process much before the development of domestic financial markets unlike the sequencing pattern flowed by most countries that were undergoing similar process of liberalization. Further, these results have important policy implications since the choice of an attitude towards full capital account convertibility in India has become a debateful issue.
| Author | : Lekshmi R. Nair |
| Publisher | : GRIN Verlag |
| Total Pages | : 65 |
| Release | : 2011-12 |
| Genre | : Business & Economics |
| ISBN | : 3656049270 |
Download Capital Account Liberalization and Stability of Capital Markets in India Book in PDF, ePub and Kindle
Scientific Study from the year 2011 in the subject Economics - Macro-economics, general, language: English, abstract: This paper examines the implications of capital account liberalization on the stability of capital markets in India captured in terms of two indicators, the market liquidity indicator and market volatility from 1993-94 to 2007-08. The empirical analysis, after controlling for other variables affecting the stability of capital markets, shows that capital account liberalization; particularly foreign portfolio investment liberalization has not contributed significantly to market liquidity whereas it has contributed significantly to increased market volatility. These results are particularly relevant since India opened its financial markets to Foreign Portfolio flows at an earlier stage of its reform process much before the development of domestic financial markets unlike the sequencing pattern flowed by most countries that were undergoing similar process of liberalization. Further, these results have important policy implications since the choice of an attitude towards full capital account convertibility in India has become a debateful issue.
| Author | : Lerkshmi R. Nair |
| Publisher | : |
| Total Pages | : 30 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download Capital Account Liberalization and Stability of Capital Markets in India - An Empirical Analysis Book in PDF, ePub and Kindle
This paper examines the implications of capital account liberalization on the stability of capital markets in India using monthly data for the period 1993-94 to 2007-08. Based on the IMF World Bank framework (2005) to monitor financial sector stability, the stability of capital markets is captured in terms of two indicators, the market liquidity indicator and market volatility. The empirical analysis, after controlling for other variables affecting the stability of capital markets, shows that capital account liberalization; particularly foreign portfolio investment liberalization has not contributed significantly to market liquidity whereas it has contributed significantly to increased market volatility. Thus this study suggests that the opening up of capital account might have made the capital markets more vulnerable to the fluctuations of cross border movements of capital without achieving the benefits. These results are particularly relevant since India opened its financial markets to Foreign Portfolio flows at an earlier stage of its reform process much before the development of domestic financial markets unlike the sequencing pattern flowed by most countries that were undergoing similar process of liberalization. Further, these results have important policy implications since the choice of an attitude towards full capital account convertibility in India has become a debateful issue.
| Author | : Joseph E. Stiglitz |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 388 |
| Release | : 2008-05 |
| Genre | : Business & Economics |
| ISBN | : 0199230587 |
Download Capital Market Liberalization and Development Book in PDF, ePub and Kindle
Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
| Author | : P. K. Mishra |
| Publisher | : |
| Total Pages | : |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Download Efficiency of India's Capital Market -- An Empirical Analysis Book in PDF, ePub and Kindle
The concept of efficient market hypothesis is gaining importance in the aftermath of integration of India's economy with world economies. With the increasing relevance of FIIs, an informationally efficient capital market holds far reaching implications for its stable growth as well as for the economic growth of the political economy of a country. Thus, the understanding of efficiency of capital market of India in the dynamics of the stock markets is essential. There is sufficient evidence in favour of capital market efficiency in developed markets. But the same is often not valid in emerging markets. This paper studies the efficient market hypothesis in its weak form in the frame work of random walk model for NSE in India from 2001 to 2008. The ADF, DF-GLS, and PP tests are used to examine stock market efficiency. The results support that the stock markets of India do not follow random walk, rejecting the weak form efficient market hypothesis.
| Author | : Augusto de la Torre |
| Publisher | : World Bank Publications |
| Total Pages | : 232 |
| Release | : 2006-10-20 |
| Genre | : Business & Economics |
| ISBN | : 0821365444 |
Download Emerging Capital Markets and Globalization Book in PDF, ePub and Kindle
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
| Author | : Peter Blair Henry |
| Publisher | : |
| Total Pages | : 82 |
| Release | : 2006 |
| Genre | : Capital |
| ISBN | : 9780979037634 |
Download Capital Account Liberalization Book in PDF, ePub and Kindle
"Writings on the macroeconomic impact of capital account liberalization find few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. The lion's share of papers that find no effect of liberalization on real variables tell us nothing about the empirical validity of the theory, because they do not really test it. This paper explains why it is that most studies do not really address the theory they set out to test. It also discusses what is necessary to test the theory and examines papers that have done so. Studies that actually test the theory show that liberalization has significant effects on the cost of capital, investment, and economic growth"--National Bureau of Economic Research web site.
| Author | : J. Venugopal |
| Publisher | : |
| Total Pages | : 18 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
Download Capital Account Liberalisation in India Book in PDF, ePub and Kindle
We construct a time varying financial openness index by estimating a small open economy model of interest rate determination and examine the implications of evolution of capital account liberalisation on economic performance over the period April 1993 - March 2004. The behaviour of openness index seems to closely reflect the financial liberalisation policies followed. The empirical evidence from cointegration test indicates that financial openness has significant positive impact on output while the impulse response coefficients confirm that such impact is persistent. The results from Granger causality and forecast error variance reveal that the process of financial openness emerged as an exogenous sequence. The overall evidence is in favour of the cautious and gradual approach followed in matters relating to financial liberalisation in so far as their implication on output is concerned.
| Author | : Amadou N. R. Sy |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 12 |
| Release | : 2007-10-01 |
| Genre | : |
| ISBN | : 9781451868142 |
Download Capital Account Liberalization and Risk Management in India Book in PDF, ePub and Kindle
This paper takes a closer look at the prudential and regulatory measures needed to prepare India's financial system to manage the risks arising from fuller capital account convertibility (FCAC). The paper contributes to the debate on FCAC in two ways. First, it reviews the potential and existing financial stability challenges to FCAC in India. Second it studies how prudential regulation and supervision is addressing these challenges. The main conclusion is that regulatory and supervisory measures alone are not enough and will need to be complemented by improvements in Indian banks' risk management and further development of the domestic capital markets.
| Author | : Iwan J. Azis |
| Publisher | : Springer |
| Total Pages | : 129 |
| Release | : 2014-12-11 |
| Genre | : Business & Economics |
| ISBN | : 9812872841 |
Download Managing Elevated Risk Book in PDF, ePub and Kindle
This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
