External dimensions of an emerging economy, India : essays in honour of Sunanda Sen
(eBook)

Cover; Half Title; Title Page; Copyright Page; Table of Contents; List of figures and tables; Notes on contributors; Acknowledgements; Introduction; Notes; 1. India, the Great Depression and Britain's demise as world capitalist leader; Introduction; The dependence of the international payments pattern on colonial and, in particular, on India's export earnings; Modifying the relation between budgetary, trade and savings-investment balances to take account of transfers from colonies to the metropolis.

The sharply declining magnitude of export earnings of the Indian sub-continent owing to agricultural depressionNotes; References; 2. Illegal flows in India's BOP accounts: their components and impact on the economy; Introduction; Illegal flows of capital and flight of capital; Definitional aspect; Estimates of illegal financial flows and flight of capital: a critique; Links with the black economy in the country; Rates of return on illegal funds and the white economy; Illegal flows in India's BOP; Illegal flows and the underlying mechanisms.

The role of tax havens and 'Swiss banks' in flight of capitalIllegal flows and flight of capital; Policy implications; Macroeconomic impact of illegal flows; Conclusion; References; 3. Some aspects of external dimensions of the Indian economy in the age of globalisation; Degree of openness of the Indian economy; Some features of India's balance of payments in the post-reform period; Foreign capital flows in India during the reform period; Net transfers of financial resources from India during the reform period; Some concerns regarding India's economic reforms; Conclusion; Notes; References.

4. Macroeconomic policy within cycles of international capital flows: the Indian experienceCycles in international capital flows; Capital flows and external balances of India; External balances and the macroeconomic policy; Empirical evidence on India; Interest rate and capital flows; Central Bank intervention, reserve accumulation and monetary-policy independence; Capital flows, currency appreciation and trade balance; Conclusion; Notes; References; 5. Multinationals and monopolies: the pharmaceutical industry in India after TRIPS; Background; Rising MNC dominance.

Rising imports of finished formulationsMarket structure and prices of patented products; Conclusions; Notes; References; 6. Regional economic integration: new context and analytical constructs; Introduction; Dynamism in RTAs; Trade integration in different RTAs; Deepening of RTAs; Analytical construct; Trade flows

trade creation and trade diversion; Foreign direct investment; RTAs and technology; Static and dynamic effects of RTAs; Rules of origin; Growth and income convergence; Intra-industry trade (IIT); RTAs and peace; RTAs

some critical insights.