LEADER 05956oam 22011414 450 001 9910788237203321 005 20230721045634.0 010 $a1-4623-9212-1 010 $a1-4527-7733-0 010 $a1-4518-6990-8 010 $a1-282-84083-5 010 $a9786612840838 035 $a(CKB)3170000000055037 035 $a(EBL)1607889 035 $a(SSID)ssj0000943992 035 $a(PQKBManifestationID)11559068 035 $a(PQKBTitleCode)TC0000943992 035 $a(PQKBWorkID)10978556 035 $a(PQKB)10217571 035 $a(OCoLC)763002643 035 $a(MiAaPQ)EBC1607889 035 $a(IMF)WPIEE2008131 035 $a(EXLCZ)993170000000055037 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aChallenges to Monetary Policy from Financial Globalization : $eThe Case of India /$fAnanthakrishnan Prasad, Charles Kramer, Hélène Poirson 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (45 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/131 300 $aDescription based upon print version of record. 311 $a1-4519-1443-1 320 $aIncludes bibliographical references. 327 $aContents; 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 Openness 327 $a2. 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, 2000-06 327 $a11a. 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; References 330 3 $aThe question of how India should adapt monetary policy to ongoing financial globalization has gained prominence with the recent surge in capital inflows. This paper documents the degree to which India has become financially globalized, both in absolute terms and relative to emerging and developed countries. We find that despite a relatively low degree of openness, India's domestic monetary conditions are highly influenced by global factors. We then review the experiences of countries that have adapted to financial globalization, drawing lessons for India. While we find no strong relationship between the degree of stability in monetary conditions and the broad monetary policy regime, our findings suggest that improvements in monetary operations and communication?sometimes prompted by a shift to an IT regime?have helped stabilize broader monetary conditions. In addition, the experience of countries which used non-standard instruments suggests that room to regulate capital flows effectively through capital controls diminishes as financial integration increases. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/131 606 $aMonetary policy$zIndia 606 $aFinance$zIndia 606 $aGlobalization$zIndia 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aBanking$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aExchange rates$2imf 606 $aCapital inflows$2imf 606 $aOpen market operations$2imf 606 $aExchange rate arrangements$2imf 606 $aBanks and banking$2imf 606 $aCapital movements$2imf 607 $aIndia$2imf 615 0$aMonetary policy 615 0$aFinance 615 0$aGlobalization 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aCentral Banks and Their Policies 615 7$aBanking 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aExchange rates 615 7$aCapital inflows 615 7$aOpen market operations 615 7$aExchange rate arrangements 615 7$aBanks and banking 615 7$aCapital movements 676 $a332.4954 700 $aPrasad$b Ananthakrishnan$01485203 701 $aKramer$b Charles$0419913 701 $aPoirson$b Hélène$01082608 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788237203321 996 $aChallenges to Monetary Policy from Financial Globalization$93704201 997 $aUNINA