Real exchange rate stabilisation and managed floating: exchange rate policy in India, 1993-1999
2000
R. Kohli
The paper examines the exchange rate management strategy of the Indian central bank after the shift to a floating exchange rate regime in 1993. A policy reaction function tests for its intervention behaviour and finds significant effort to lean against the wind during 1993-99. This is tempered with purchasing power parity considerations as evidenced by the central bank's response to deviations of the spot rate from moving relative prices' target. This indicates a real exchange rate stabilisation policy by the Indian authorities.[author]
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