Capital inflows, financial repression, and macroeconomic policy in India since the reforms
评估印度自1990年代初改革以来的宏观经济进展，指出在金融部门和政府财政疲弱的情况下，加快资本账户开放可能带来风险。
Since the early 1990s the Indian economy has seen a considerable relaxation of controls, as a consequence of which it has witnessed unprecedented growth. This is especially remarkable in the external sector. In this paper I evaluate the progress made on the macroeconomic front and address the possibility of opening up the capital account of the balance of payments. I show that given the weakness in the financial sector and the government finances, it may be dangerous to speed up the process of opening up the capital account further.