Tuesday, April 08, 2008

The impact of the capital controls of 2007

In 2007, India experimented with capital controls against external commercial borrowing (ECB) and participatory notes (PNs). This was a controversial move at the time; there were two views in the country on whether such controls are worth doing. Some early evidence on the impact of these decisions is now visible in the BOP data, and is interpreted by Ila Patnaik in Indian Express here.

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