India's Public Debt and Policy Since Independence PDF Download

Author: Kiran Barman
Publisher: Allahabad : Chugh Publications
ISBN:
Category : Debts, Public
Languages : en
Pages : 320

View

Book Description

Author: Charan Singh
Publisher: Springer
ISBN: 8132236491
Category : Business & Economics
Languages : en
Pages : 227

View

Book Description
This book examines the objectives of public debt management and the re-emerging issue of separating monetary policy formulation from fiscal and debt management. The recent Great Recession has resulted in a rethink of the objectives and working of macroeconomics, and in many countries, including India, has led to the scope of fiscal operations being expanded and debt-to-GDP ratios increasing significantly. Consequently, debt management has encountered considerable difficulties, and the need for coordination between monetary and debt management has assumed greater significance. The book discusses the important issue of the independence of central banks and the need for coordination between debt managers, monetary authorities and finance ministries if debt operations are separated from monetary management.

Author: Kiran Barman
Publisher:
ISBN:
Category : Debts, Public
Languages : en
Pages : 236

View

Book Description

Author: Ashima Goyal
Publisher: Springer
ISBN: 8132219619
Category : Business & Economics
Languages : en
Pages : 89

View

Book Description
The book discusses Indian post-independence monetary history in the context of the country’s development and the global changes of the period. The conceptual framework used is the SIIO (Structure, Ideas, Institutions and Outcomes) paradigm. That is, structure and ideas become embedded in institutions and affect outcomes. Narrative history, data analysis and research reports demonstrate the dialectic between ideas and structure with respect to monetary history, aspects of India’s development, and the global institutions and events that impacted monetary choices. The history of the economy and of the global changes that affected it covers a time when major changes took place both in India and internationally. India’s greater openness is important both for it and for the world, but it occurred at a time of major global crises. How did these impact monetary choices and how did the latter help India navigate the crises while maintaining its trajectory towards greater liberalization? The book explores these and other relevant but under-analyzed questions. The initial combination of ideas and structure created fiscal dominance and made monetary policy procyclical. An aggregate supply-and-demand framework derived from forward-looking optimization subject to Indian structural constraints is able to explain growth and inflation outcomes in the light of policy actions. Using exogenous supply shocks to identify policy shocks and to isolate their effects, demonstrate that policy was sometimes exceedingly strict despite the common perception of a large monetary overhang. Surges and sudden stops in capital flow also constrained policy. But the three factors that cause a loss of monetary autonomy—governments, markets and openness—moderate each other. Markets moderate fiscal profligacy and global crises moderate market freedoms and ensure openness remains a sequenced and gradual process. The book argues greater current congruence between ideas and structure is improving institutions and contributing to India’s potential.

Author: D. K. Mishra
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 574

View

Book Description

Author: Jayanta Madhab
Publisher:
ISBN:
Category :
Languages : en
Pages : 676

View

Book Description

Author: Sudipto Mundle
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 328

View

Book Description
These papers examine aspects of fiscal reform in India while focusing on issues of policy relevance.

Author: Nikhil Saket
Publisher: Deep and Deep Publications
ISBN: 9788176297448
Category : Business & Economics
Languages : en
Pages : 204

View

Book Description

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149832892X
Category : Business & Economics
Languages : en
Pages : 39

View

Book Description
NULL

Author: Ms.Carmen Reinhart
Publisher: International Monetary Fund
ISBN: 1498338380
Category : Business & Economics
Languages : en
Pages : 47

View

Book Description
High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.