The paper defines financial liberalization, distinguishing between capital account convertibility and liberalization of domestic financial markets. It then examines the stages and the strategy of Indian financial reform and compares it with that of other South Asian countries. The Indian strategy followed a well thought out sequence whereby full capital account liberalization was to come after deepening domestic markets, and improving government finances. One alone is dangerous without the others.
These presentations by Ms. Witada Anukoonwittaka, ESCAP, and Mr. Sachin Sharma, CWS, IIFT, will be given during the event "Myanmar and the Asia-Pacific: The Role of Policy Research in the Country's Economic and Trade Reform", 19-21 February 2015, Yangon, Myanmar.