.... Though subject to caveats, the new thinking, which will condition the IMF’s surveillance and reporting efforts, explicitly recognises a few scenarios that call for intervention by individual countries to protect their interests. For emerging markets whose financial institutions and markets are still not fully developed, unbridled capital flows carry greater risks. This is a view that the Indian policy establishment has for long supported. Way back in July 2006, the Tarapore Committee on capital account convertibility prescribed macroeconomic adjustments and market development as essential prerequisites before relaxing capital controls.......
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