Sinister Gold Import Theory

As Arvind Subramanian takes over as the Chief Economic Advisor, here’s an essay he co-authored last year:

Sinister Gold Import Theory

Gold has been all over the news in India lately because high and rising imports of the shiny stuff led directly to a deterioration of the current account, which in turn exacerbated the rupee’s vulnerability over the past few months. Read more of this post

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