04090nam 2200697 450 991046400130332120211022210224.01-4623-9212-11-4527-7733-01-4518-6990-81-282-84083-59786612840838(CKB)3170000000055037(EBL)1607889(SSID)ssj0000943992(PQKBManifestationID)11559068(PQKBTitleCode)TC0000943992(PQKBWorkID)10978556(PQKB)10217571(OCoLC)763002643(MiAaPQ)EBC1607889(EXLCZ)99317000000005503720140226h20082008 uy 0engurcnu||||||||txtccrChallenges to monetary policy from financial globalization the case of India /Charles F. Kramer, Hélène K. Poirson, and A. Prasad ; authorized for distribution by Kalpana Kochhar[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (45 p.)IMF Working PapersIMF working paper ;WP/08/131Description based upon print version of record.1-4519-1443-1 Includes bibliographical references.Contents; I. Introduction; II. How Financially Globalized is India?; A. International Comparison; B. India's Globalization over Time; III. How Does Financial Globalization Affect the Monetary Environment?; IV. Possible Policy Responses; A. How Could Further Financial Globalization Affect Monetary Operations?; B. How Could Further Financial Globalization Affect Monetary Strategy?; Boxes; 1. India: Key Capital Account Restrictions; 2. Turkey; 3. Malaysia; Table; 1. Monetary Instruments in the Most Financially Globalized Countries; Figures; 1. Measures of Financial Openness2. Measures of Capital Account Openness, 2000-05 3. Financial Openness and Policy Regime, 2000-06; 4. India: Capital Flows; 5a. India: Foreign Exchange Market; 5b. India: Monetary Conditions; 6. Measures of Volatility; 7a. Financial Operations and Exchange Rate Volatility, 2000-06; 7b. Financial Openness and Exchange Market Pressure Index, 2000-06; 8. Financial Openness and Volatility in Monetary Conditions Index, 2000-06; 9. Financial Openness and Volatility in Reserve Money, 2000-06; 10. Financial Openness and Correlation with U.S. Monetary Conditions Index, 2000-0611a. Policy Regime, Financial Openness, and Volatility in Monetary Conditions Index, 2006-06 11b. Policy Regime and Foreign Exchange Market, 2000-06; 12. Capital Flows and Central Bank Transparency, 2000-05; Appendix; ReferencesThe question of how India should adapt monetary policy to ongoing financial globalization has gained prominence with the recent surge in capital inflows. This paper documents the degree to which India has become financially globalized, both in absolute terms and relative to emerging and developed countries. We find that despite a relatively low degree of openness, India's domestic monetary conditions are highly influenced by global factors. We then review the experiences of countries that have adapted to financial globalization, drawing lessons for India. While we find no strong relationshipIMF Working PapersMonetary policyIndiaFinanceIndiaGlobalizationIndiaElectronic books.Monetary policyFinanceGlobalization332.4954Kramer Charles Frederick1054124Poirson Hélène K1054125Prasad A891410Kochhar Kalpana989272MiAaPQMiAaPQMiAaPQBOOK9910464001303321Challenges to monetary policy from financial globalization2486475UNINA