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Currency Convertibility : Indian and Global Experiences

Sumati Varma

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ISBN 10: 8177081381 / ISBN 13: 9788177081381
Published by New Century Pub, New Delhi, 2007
Used Condition: As New Hardcover
From Vedams eBooks (P) Ltd (New Delhi, India)

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Contents Preface. 1. Introduction. 2. Currency convertibility IMF and World Bank policies. 3. Capital account convertibility different perspectives. 4. Currency convertibility the Indian experience. 5. Latin America openness and crash. 6. Saga of Asian tigers. 7. Managing convertibility. Appendix Reserve Bank of India Report on Foreign Exchange Reserves January 2007. Bibliography. Index. Currency convertibility as an aspect of a country's exchange rate policy refers to the ease with which domestic currency can be traded for foreign currency for a particular usage and at a given exchange rate. Currency convertibility policy of a government has two aspects (a) current account convertibility and (b) capital account convertibility. Current account convertibility allows residents to make and receive trade related payments i.e. receive foreign currency for export of goods and services and pay foreign currency for import of goods and services like travels medical treatment and studies abroad. In other words it permits free inflows and outflows for all purposes other than for capital purposes. Capital account convertibility allows freedom to make investment in foreign equity extend loans to foreigners buy real estate in foreign lands and vice versa. Broadly speaking it allows anyone to move freely from local currency into foreign currency and back. Current account convertibility was introduced in India in August 1994 with the acceptance of the obligations under Article VIII of the IMF's Articles of Agreement. This drastic measure contributed significantly to boost India's exports. Presently there is almost full convertibility on the current account and partial convertibility on the capital account. This book explains and examines various aspects of currency convertibility risks and their management. With focus on India it discusses convertibility experiences of a number of Latin American countries (Argentina Brazil Mexico Chile Colombia Peru Paraguay Venezuela Bolivia and Ecuador) and selected countries of East and South East Asia (Thailand South Korea Indonesia Malaysia and Philippines). The experiences of these countries in a comparative perspective will help to understand the requisites of a regime of sustainable convertibility. 260 pp. Bookseller Inventory # 64706

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Bibliographic Details

Title: Currency Convertibility : Indian and Global ...

Publisher: New Century Pub, New Delhi

Publication Date: 2007

Binding: Hardbound

Book Condition:As New

Edition: New

About this title

Synopsis:

Currency convertibility, as an aspect of a country's exchange rate policy, refers to the ease with which domestic currency can be traded for foreign currency, for a particular usage, and at a given exchange rate. Currency convertibility policy of a government has two aspects - current account convertibility and capital account convertibility. Current account convertibility allows residents to make and receive trade-related payments - receiving foreign currency for export of goods and services and paying foreign currency for import of goods and services like travels, medical treatment, and studies abroad. Capital account convertibility allows for freedom to make investment in foreign equity, extend loans to foreigners, buy real estate in foreign lands, and vice versa. It permits free inflows and outflows for all purposes other than for capital purposes. Current account convertibility was introduced in India in 1994 with the acceptance of the obligations under Article VIII of the International Monetary Fund''s Articles of Agreement. This drastic measure contributed significantly to boost India's exports. Presently, there is almost full convertibility on the current account and partial convertibility on the capital account. This book explains and examines various aspects of currency convertibility risks and their management. With focus on India, it discusses convertibility experiences of a number of Latin American countries (Argentina, Brazil, Mexico, Chile, Colombia, Peru, Paraguay, Venezuela, Bolivia, and Ecuador) and selected countries of East and South-East Asia (Thailand, South Korea, Indonesia, Malaysia, and the Philippines). The experiences of these countries, in a comparative perspective, will help to understand the requisites of a regime of sustainable convertibility.

About the Author:

Sumati Varma is a Reader in the Department of Commerce at Sri Aurobindo College (Evening), University of Delhi.

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