{"id":32180,"date":"2017-12-11T14:32:32","date_gmt":"2017-12-11T14:32:32","guid":{"rendered":"http:\/\/www.bnreport.com\/indian-economy-expert-from-oxford-bats-for-capital-controls-to-stabilise-rupee\/"},"modified":"2017-12-11T14:32:34","modified_gmt":"2017-12-11T14:32:34","slug":"indian-economy-expert-from-oxford-bats-for-capital-controls-to-stabilise-rupee","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/indian-economy-expert-from-oxford-bats-for-capital-controls-to-stabilise-rupee\/","title":{"rendered":"Indian Economy expert from Oxford bats for capital controls to stabilise rupee"},"content":{"rendered":"

Oxford Academic Vijay Joshi<\/a>, has called for introduction of capital controls to stabilised the level of the rupee against the dollar as sterilised intervention alone has fiscal costs, underscoring the importance of stable exchange rate<\/a> for a pick up in exports and growth. <\/p>\n

Speaking at the LK Jha memorial lecture in Mumbai, Professor Vijay Joshi, Emeritus Fellow, Merton College, Oxford highlighted the importance of exports in economic growth and noted that India\u2019s exports have stagnated over the current decade and partly attributed the real exchange rate which has appreciated. <\/p>\n

He said that preventing real eschange rate is tricky as the well-known limitation of sterilized intervention \u2013 buying dollars and converting them in rupeeand investing them in government bonds- is that it often imposes some costs, economic and quasi-fiscal. <\/p>\n

\u201cIt is sensible, therefore, to combine sterilized intervention with targeted capital-inflow controls and\/or currency-based prudential controls\u201d said professor Joshi. \u201cSome of these devices are difficult to re-introduce once they are taken off\u201d <\/p>\n

He also suggested some more ways to prevent surge in capital lie taxes, withholding taxes, and reserve requirements on certain non-FDI inflows, which can be designed to make tightening and loosening them possible in the face of changing circumstances. <\/p>\n

The costs of these various measures may well be less than their benefits for employment, exports, and growth. It is also important to bear in mind that exchange rate policy, like monetary policy, operates with long and variable lags, so a competitive real exchange rate has to be in place for a fair length of time if it is to have an impact. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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The post Indian Economy expert from Oxford bats for capital controls to stabilise rupee<\/a> appeared first on News Wire Now<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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