Capital Flows and Domestic Financial Sector in India
Capital Flows and Domestic Financial Sector in India
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印度的资本流动和国内金融部门
作者：
Renu Kohli
本文研究了资本流动对印度国内金融部门的影响。研究发现，外资流入对国内货币供应量和股票市场增长、流动性和波动性有显著影响。然而，由于中央银行的政策反应和直接资本流入银行系统的障碍，银行部门仍然相对孤立。本文件最后讨论了在外国资本大量流入的情况下这些政策的成本。
This paper examines the impact of capital flows on the domestic financial sector in India. Inflow of foreign capital, it is found, has a significant impact on domestic money supply and stock market growth, liquidity and volatility. The banking sector, however, remains relatively insulated due to the policy responses of the central bank and barriers to direct capital inflows into the banking system. The paper concludes with a discussion of the costs of these policies in the event of a heavy inflow of foreign capital.