Taper tribulations - Dr.Subir Gokarn

.............Of course, it is well known that severe short-term shocks, such as the one we are currently experiencing, can cause structural damage. It is also known that weak fundamentals will prevent an economy from taking advantage of the opportunities provided by the transition in investment horizons. This is precisely the situation that Indian policy makers have to deal with. The turbulence will pass and a lower rupee may, for many producers, be a stronger rupee. But not all our constraints to competitiveness can be removed by the exchange rate alone............

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