India's Public Debt and Policy Since Independence
Author : Kiran Barman
Publisher : Allahabad : Chugh Publications
Page : 312 pages
File Size : 16,98 MB
Release : 1978
Category : Debts, Public
ISBN :
Author : Kiran Barman
Publisher : Allahabad : Chugh Publications
Page : 312 pages
File Size : 16,98 MB
Release : 1978
Category : Debts, Public
ISBN :
Author : Kiran Barman
Publisher :
Page : 236 pages
File Size : 32,83 MB
Release : 1986
Category : Debts, Public
ISBN :
Author : Charan Singh
Publisher : Springer
Page : 227 pages
File Size : 46,2 MB
Release : 2016-11-02
Category : Business & Economics
ISBN : 8132236491
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 : Ashima Goyal
Publisher : Springer
Page : 89 pages
File Size : 33,45 MB
Release : 2014-07-16
Category : Business & Economics
ISBN : 8132219619
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 : Kiran Barman
Publisher : Allahabad : Chugh Publications
Page : 320 pages
File Size : 37,12 MB
Release : 1978
Category : Debts, Public
ISBN :
Author : D. K. Mishra
Publisher :
Page : 574 pages
File Size : 46,73 MB
Release : 1985
Category : Business & Economics
ISBN :
Author : Raja J. Chelliah
Publisher : International Monetary Fund
Page : 51 pages
File Size : 49,36 MB
Release : 1991-07-01
Category : Business & Economics
ISBN : 1451959028
This paper traces the causes of the rapid growth of India’s public debt, with special reference to internal debt. It then demonstrates that the growth of debt would become unsustainable by the end of the 1990s if the present trends continue. It develops a methodology to iterate the path of growth of debt to discover the sustainable level of the primary deficit. Finally, it suggests concrete measures to bring down the primary deficit.
Author : Waltraud Schelkle
Publisher : Routledge
Page : 367 pages
File Size : 49,45 MB
Release : 2005-07-15
Category : Business & Economics
ISBN : 1135778132
Ever since Shaw and McKinnon published their path-breaking works on financial development in 1973, there has been extensive research on the effects of monetary and financial policies on economic growth of developing countries. This book puts forward a new paradigm of monetary development theory along Keynesian lines. The approach is substantiated by providing a fresh perspective on India's economic development after Independence.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 11,77 MB
Release : 2003-09-12
Category : Business & Economics
ISBN : 149832892X
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Author : Ms.Carmen Reinhart
Publisher : International Monetary Fund
Page : 47 pages
File Size : 43,45 MB
Release : 2015-01-21
Category : Business & Economics
ISBN : 1498338380
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.