Ouyang, Alice; Rajan, Ramkishen - In: Macroeconomics and Finance in Emerging Market Economies 1 (2008) 1, pp. 75-91
India's foreign exchange reserves have risen rapidly since the balance-of-payment crisis in 1991 to over US$155 billion … by mid-2006. India is now the fifth largest Asian reserve holder. Despite this, scant attention has been paid to the … rationale for and impact of reserves accumulation in India. This paper estimates the extent of de facto sterilization and …