India was one of the better performers after the global financial
crisis, and has done well despite opening out in a period of great
international volatility. This book asks if this was due to luck or
to good management. How much did macroeconomic policy contribute
and did it do as much as it could have, on a reform path that was
not standard? Are there any lessons from the Indian experience for
the rest of the world? Senior Indian policy economists, market
participants, and researchers address these interesting and
important questions. There are those who think financial reform has
gone too fast - relaxations in foreign borrowing norms exposed
firms to external shocks. Volatile capital flows impacted markets,
although more liberalization of risk-sharing equity compared to
debt flows, was effective in reducing domestic risk. But there are
also those who think reform was too slow - choking financial
development: many markets and instruments that could improve
domestic financial intermediation and reduce risk were held back.
Analysis suggests policy was able to find the correct timing, pace
and combination of reforms and of caution, but improvement is
always possible. Luck and inherent strengths of the economy helped
absorb both policy mistakes and external shocks. This book was
originally published as a special issue of Macroeconomics and
Finance in Emerging Market Economies.
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