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What Caused the 1991 Currency Crisis in India?

What Caused the 1991 Currency Crisis in India? »

Journal Issue

Volume/Issue: 2000/157

Series: IMF Working Papers

Author(s): Sweta Saxena , and Valerie Cerra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

DOI: http://dx.doi.org/10.5089/9781451857481.001

ISBN: 9781451857481

Keywords: Currency Crisis, Equilibrium Exchange Rate, Error Correction Model, Gonzalo-Granger decomposition, exchange rate, real exchange rate, current account, current account deficits

Did real overvaluation contribute to the 1991 currency crisis in India? This paper seeks an answer by constructing the equilibrium real exchange rate, using an error correction model and a technique developed by Go...

Assessing External Sustainability in India

Assessing External Sustainability in India »

Journal Issue

Volume/Issue: 1999/181

Series: IMF Working Papers

Author(s): Tim Callen , and Paul Cashin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451859171.001

ISBN: 9781451859171

Keywords: India, capital controls, external sustainability, current account, current account deficit, balance of payments, external liabilities, external borrowing

This paper examines the solvency and sustainability of India's external imbalances and analyzes the optimality of its capital flows. We use three approaches: an intertemporal model of the current account that allow...