Moreover, these portfolio capital movements have turned out to be conduits of global spillovers, impacting domestic equity, debt and forex markets, and asset prices. Nonetheless, the underlying resilience of India’s external sector, anchored by the positive features I set out earlier, have cushioned these shocks and insulated the domestic economy. Managing the External Sector 7.
Brazil has by far had the worst experience of any country in the world during this period: The price level in Brazil is approximately 5 trillion times higher today than it was in 1972. 1  Friederich A. von Hayek (1976), Denationalization of Money: An Analysis of the Theory and Practice of Concurrent Currencies (London: Institute of Economic Affairs).