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Do We Need Full Capital Account Convertibility?

By:

Shome Swaha

Material type: Article

ArticleLanguage: ENG Series: ; IXPublication details: Nov 2006 0Edition: 11Description: 21-30 PpSubject(s):

Capital Account Convertibility

DDC classification:

Online resources:

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Summary: India has permitted unlimited flow of capital in most categories of the capital account, except for foreign ownership of Indian debt securities. In the absence of fiscal regulation, capital inflows tend to effect public deficit that results in a financial crisis. But full capital account convertibility will lead to the productive use of resources. This article discusses the positive as well as negative aspects of full capital account convertibility.

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India has permitted unlimited flow of capital in most categories of the capital account, except for foreign ownership of Indian debt securities. In the absence of fiscal regulation, capital inflows tend to effect public deficit that results in a financial crisis. But full capital account convertibility will lead to the productive use of resources. This article discusses the positive as well as negative aspects of full capital account convertibility.

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