Joshi, Vijay2003-11-122004-05-192011-01-052004-05-192011-01-052003http://hdl.handle.net/1885/40412http://digitalcollections.anu.edu.au/handle/1885/40412This paper argues that (i) for many developing countries, the optimal external payments regime would be a combination of an intermediate exchange rate with capital controls and (ii) the policy stance and advice of the IMF should reflect this view. The paper uses India as a case-study to illustrate its argument.166240 bytes360 bytesapplication/pdfapplication/octet-streamen-AUglobalisationexchange rate regimesImpossible Trinitycapital controlsIndiaEast Asian crisis.2003