Globalization and the Indian Economy: Roadmap to a Convertible Rupee

by Nayak; Satyendra S.

• ISBN13: 9780415447393
• ISBN10: 0415447399
• Edition: 1st
• Format: Hardcover
• Copyright: 2007-12-25
• Publisher: Routledge

Summary

This book examines the impact of globalization on the Indian economy, exploring the trade, investment and financial aspects of globalization, and also considering its implications for the balance of payments and currency exchange rate. The first part of the book deals with the evolution of the philosophy of globalization and its impact on exchange rates, global liquidity, currency markets, and global trade and payments. It highlights the catalytic role played by the US in driving the globalization process, and provides detailed analysis of the evolution of the international monetary system to illustrate current processes of globalization. Furthermore, a critical discussion of the Asian financial crisis of 1997 is presented as well as the lessons that have emerged from the crisis. The Indian economic experience and its own policy of dealing with globalization is the focus of second part of the book. The author examines the genesis of economic reforms and liberalization in India.The success of the Indian policy of gradualism is discussed in the context of the Asian crisis, and the reasons as to why India averted a similar crisis are explored. Finally, the author examines whether the Indian currency, the rupee, can be made fully convertible. This book makes a valuable contribution to the literature on globalization and development and should be of interest to academics interested in the global economy, international finance, international development and also to academics with an interest in South Asian Studies.

Table of Contents

Global monetary system	p. 9
Gold standard to globalization	p. 11
Genesis of the philosophy of globalization: new experiment in economic development - from aid to trade and debt to equity	p. 27
Financing globalization: Keynes goes international	p. 41
US capital market: trigger for global growth	p. 73
Changing face of currency markets	p. 90
Lessons from the Asian crisis	p. 98
Reform of the IMF	p. 107
The Indian economic experience	p. 113
Economic liberalization: a new mantra of development	p. 115
Indian economic gradualism	p. 122
Financial and capital market reform	p. 133
Post-reform BoP and rupee exchange rate	p. 148
Capital account convertibility: 1997 report and after	p. 169
Towards fuller convertibility	p. 176
Fuller convertibility report and future scenario	p. 201
Infrastructure development fund	p. 213
Notes	p. 220
Bibliography	p. 225
Index	p. 229
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