A measure of financial integration is the ratio of total external transactions (gross current account flows plus gross capital account flows) to GDP. This ratio had more than doubled from 44 per cent in 1998/99 to 112 per cent in 2008/09, evidencing the depth of India’s financial integration. 14.
The role of optimism in emerging markets crises”, IMF Working Paper No 07/223. 21  See the statement by Slovenia’s Prime Minister Jansa on 16 November 2007: “I was warned by other countries’ leaders that we would see price increases after euro adoption”.