01589cas a2200253 a 4500 AALejournalIMF007808 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451857481 1018-5941 BD-DhAAL BD-DhAAL Saxena, Sweta. What Caused the 1991 Currency Crisis in India? / Sweta Saxena, Valerie Cerra. Washington, D.C. : International Monetary Fund, 2000. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Did real overvaluation contribute to the 1991 currency crisis in India? This paper seeks an answer by constructing the equilibrium real exchange rate, using an error correction model and a technique developed by Gonzalo and Granger (1995). The results are affirmative and the evidence indicates that current account deficits and investor confidence also played significant roles in the sharp exchange rate depreciation. The ECM model is supported by superior out-of-sample forecast performance versus a random walk model. Mode of access: Internet Cerra, Valerie. IMF Working Papers; Working Paper ; No. 2000/157 Full text available on IMF http://elibrary.imf.org/view/journals/001/2000/157/001.2000.issue-157-en.xml IMF e-Library