sameeksha Current Issue : VOL 45 No. 10 March 06 - March 12, 2010    See Full Contents>>
     Article Details
    Capital Account Convertibility: A Neglected Consideration   (23rd June 2007)
     Arvind Subramanian
          In the debate on capital account convertibility, financial and macroeconomic objectives and constraints have been paramount, with much less discussion on the growth and development dimensions of CAC. This article focuses on one hitherto neglected aspect of first-order importance for long-run growth: the level of the real exchange rate or what might be called the objective of avoiding overvaluation.


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