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Fiscal Policy in India: Lessons and Priorities

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  • Singh, Nirvikar
  • Srinivasan, T. N.

Abstract

This paper assesses India’s current fiscal situation, its likely future evolution, and impacts on the economy. We examine possible reforms of macroeconomic policy (including fiscal, monetary and exchange rate policy) and broader institutional reforms that will bear on the macroeconomic situation. We also consider the political feasibility of possible reforms. We examine both medium and longer run scenarios, and fiscal sustainability and adjustment going beyond conventional government budget deficits, to include off-budget liabilities, both actual and contingent. We conclude with our assessment of reforms focused on improving the fisc.

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Bibliographic Info

Paper provided by Center for International Economics, UC Santa Cruz in its series Santa Cruz Center for International Economics, Working Paper Series with number qt67t3p20w.

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Date of creation: 01 Feb 2004
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Handle: RePEc:cdl:scciec:qt67t3p20w

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  1. Eichengreen, Barry, 1995. "Financing Infrastructure in Developing Countries: Lessons from the Railway Age," World Bank Research Observer, World Bank Group, vol. 10(1), pages 75-91, February.
  2. Kiminori Matsuyama, 1995. "Complementarities and Cumulative Processes in Models of Monopolistic Competition," Journal of Economic Literature, American Economic Association, vol. 33(2), pages 701-729, June.
  3. V. Pandit, 2002. "Sustainable Economic Growth for India: An Exercise in Macroeconomic Scenario Building," Working papers 100, Centre for Development Economics, Delhi School of Economics.
  4. Ila Patnaik & Ajay Shah, 2005. "Interest-rate risk in the Indian banking system," Risk and Insurance 0501003, EconWPA.
  5. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
  6. Alberto Alesina & Roberto Perotti, 1997. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 210-248, June.
  7. Robert Gillingham & Daniel Kanda, 2001. "Pension Reform in India," IMF Working Papers 01/125, International Monetary Fund.
  8. Bell, Clive & Rousseau, Peter L., 2001. "Post-independence India: a case of finance-led industrialization?," Journal of Development Economics, Elsevier, vol. 65(1), pages 153-175, June.
  9. Giovannini, Alberto & de Melo, Martha, 1993. "Government Revenue from Financial Repression," American Economic Review, American Economic Association, vol. 83(4), pages 953-63, September.
  10. Willem H. Buiter, 1990. "Principles of Budgetary and Financial Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262524139.
  11. Panicos O. Demetriades & Kul B. Luintel, 1997. "The Direct Costs Of Financial Repression: Evidence From India," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 311-320, May.
  12. Renu Kohli & Kenneth Kletzer, 2001. "Financial Repression and Exchange Rate Management in Developing Countries: Theory and Empirical Evidence for India," IMF Working Papers 01/103, International Monetary Fund.
  13. Srinivasan, T. N., 1996. "Economic liberalization and economic development: India," Journal of Asian Economics, Elsevier, vol. 7(2), pages 203-216.
  14. Liviatan, Nissan, 1984. "Tight money and inflation," Journal of Monetary Economics, Elsevier, vol. 13(1), pages 5-15, January.
  15. Valerie R. Bencivenga & Bruce D. Smith, 2003. "Monetary policy and financial market evolution," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 7-26.
  16. Rodriguez, Carlos Alfredo, 1991. "The macroeconomics of the public sector deficit : the case of Argentina," Policy Research Working Paper Series 632, The World Bank.
  17. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  18. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
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Cited by:
  1. Singh, Nirvikar & Srinivasan, T. N., 2004. "Foreign Capital, Inflation, Sterilization, Crowding-Out and Growth: Some Illustrative Models," Santa Cruz Department of Economics, Working Paper Series qt4c4363xp, Department of Economics, UC Santa Cruz.
  2. Rajiv Kumar & Alamuru Soumya, 2010. "Fiscal Policy Issues for India after the Global Financial Crisis (2008–2010)," Working Papers id:2912, eSocialSciences.
  3. Nirvikar Singh & T.N. Srinivasan, 2004. "Foreign Capital, Inflation, Sterilization, Crowding-Out and," International Finance 0412001, EconWPA.

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