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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 | : Mr.Giovanni Dell'Ariccia |
| Publisher | : International Monetary Fund |
| Total Pages | : 74 |
| Release | : 1998-09-30 |
| Genre | : Business & Economics |
| ISBN | : 9781557757777 |
Download Capital Account Liberalization Book in PDF, ePub and Kindle
Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.
| Author | : Asheesh Pandey |
| Publisher | : |
| Total Pages | : 234 |
| Release | : 2014-01-01 |
| Genre | : Business & Economics |
| ISBN | : 9788177083651 |
Download Capital Market and Financial System in India Book in PDF, ePub and Kindle
The financial system of a country promotes savings by providing a wide variety of financial assets to the general public. Savings collected from the household sector are pooled together and allocated to various sectors of the economy for raising production levels. If the allocation of credit is judicious and socially equitable, it can help achieve the twin objectives of growth and social justice. An understanding of financial markets -- as part of the financial system -- is important as they are at the core of the transmission mechanism of monetary policy. In India, financial markets have been developed with a specific emphasis on increasing allocative efficiency of resources and promoting financial stability. Financial markets in India comprise, in the main, money market, Government securities market, capital market, corporate debt market, credit market, and foreign exchange market. Capital market plays a very important role in the development of financial system of any economy. It is a market where financial assets such as equities/debts are traded over a long period of time. Although the capital market in India has a long history, it remained on the periphery of the financial system for a long time. Various reforms undertaken since the early 1990s by the Securities and Exchange Board of India (SEBI) and the Government have brought about a significant structural transformation in the Indian capital market. As a result, the Indian equity market has become modern and transparent. The equity market has witnessed widespread development in infrastructure and its functioning is comparable to international standards. It has seen significant increase in growth and diversity in composition since early 1990s.
| Author | : Ms.Inci Ötker |
| Publisher | : International Monetary Fund |
| Total Pages | : 135 |
| Release | : 2000-05-17 |
| Genre | : Business & Economics |
| ISBN | : 1557758743 |
Download Capital Controls Book in PDF, ePub and Kindle
This paper examines country experiences with the use and liberalization of capital controls to develop a deeper understanding of the role of capital controls in coping with volatile capital flows, as well as the issues surrounding their liberalization. Detailed analyses of country cases aim to shed light on the motivations to limit capital flows; the role the controls may have played in coping with particular situations, including in financial crises and in limiting short-term inflows; the nature and design of the controls; and their effectivenes and potential costs. The paper also examines the link between prudential policies and capital controls and illstrates the ways in which better prudential practices and accelerated financial reforms could address the risks in cross-border capital transactions.
| 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 | : 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 | : Kenneth M. Kletzer |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
Download Liberalizing Capital Flows in India Book in PDF, ePub and Kindle
Capital account liberalization in financially repressed economies often leads to a period of rapid capital inflows followed by financial crisis. This paper considers the vulnerability of the Indian economy to financial crises with international financial integration and the policy agenda for further liberalization of capital flows. The legacy of financial repression on fiscal and financial policies poses the primary challenge to stable integration of the domestic financial markets of India with international capital markets. Brief overviews of the theory and experience of liberalization elsewhere and of the recent liberalization by India frame the discussion of the risks of liberalization and sequencing of policy reforms.
| 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.
