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Study of the floating exchange rate system in India and other developing countries

This dissertation attempts to study the various aspects of the working of floating exchange rates in developing countries, taking a sample of 16 developing countries. It covers the period 1973 -1996 and employs before-and-after approach, whereby, the period of study is divided into pre-float and post-float sub-periods for the purpose of comparison. The study has traced the evolution of exchange rate system and exchange controls in the developing world and an evaluation of its working has been done based on performance criteria like exchange rate stability and various other external indicators of economic sustainability as well as internal indicators of stability. This study has also examined exchange rate -prices causality, exchange rate-interest rate relationship, and the implications of floating exchange rates and currency convertibility for capital market integration and monetary policy independence in the sample countries. Various statistical measures of variability, Granger causality test, Ordinary Least Squares, Graphs and descriptive analysis have been employed in this study. More Info

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