TY  - BOOK
AU  - Callen,Tim
AU  - Cashin,Paul
TI  - Assessing External Sustainability in India
T2  - IMF Working Papers; Working Paper
SN  - 1451859171 :
SN  - 1018-5941
PY  - 1999///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Balance of Payments
KW  - imf
KW  - Capital Controls
KW  - Current Account Deficit
KW  - Current Account
KW  - External Borrowing
KW  - External Liabilities
KW  - India
N2  - 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 allows for capital controls; a composite model of macroeconomic indicators that yields probabilities of future balance of payments crises; and scenarios that examine the path of the current account consistent with the stabilization of India's external liability-to-GDP ratio. The results indicate that India's intertemporal budget constraint is satisfied and that the path of its current account imbalances is sustainable, with some support for the optimality (given capital controls) of its external borrowing
UR  - http://elibrary.imf.org/view/IMF001/00436-9781451859171/00436-9781451859171/00436-9781451859171.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451859171
ER  -