ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Large Foreign Currency Reserves

This paper, while attempting to explain India's decision to accumulate high foreign currency reserves, also analyses the resulting political-economy consequences. It is argued that the reserves are both a form of insurance against adverse external shocks as well as compensation for the inability to address longstanding domestic economic problems, a relatively unexplored theme.

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