India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit

From the early 1990s onwards, India has engaged in policies involving trade liberalisation, strong controls on debt flows, and encouragement for portfolio flows and FDI, under a pegged exchange rate regime. Domestic institutional factors have led to relatively little FDI and substantial portfolio自20世纪90年代初起，印度在钉住汇率制度（pegged exchange rate regime）下实施了一系列政策，涵盖贸易自由化、对债务流动的严格管控，以及对证券投资流动与外商直接投资（Foreign Direct Investment，FDI）的鼓励。国内制度因素导致该国外商直接投资规模相对有限，证券投资规模则颇为可观。