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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 Department of Economics, UC Santa Cruz in its series Santa Cruz Department of Economics, Working Paper Series with number qt8nx3v467.

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Date of creation: 17 Feb 2004
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Handle: RePEc:cdl:ucscec:qt8nx3v467

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  1. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Fall.
  2. Panicos O. Demetriades & Kul B. Luintel, 1997. "The Direct Costs Of Financial Repression: Evidence From India," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 79(2), pages 311-320, May.
  3. Barry Eichengreen., 1994. "Financing Infrastructure in Developing Countries: Lessons from the Railway Age," Economics Working Papers, University of California at Berkeley 94-230, University of California at Berkeley.
  4. Bencivenga, Valerie R & Smith, Bruce D, 1991. "Financial Intermediation and Endogenous Growth," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 195-209, April.
  5. Robert Gillingham & Daniel Kanda, 2001. "Pension Reform in India," IMF Working Papers, International Monetary Fund 01/125, International Monetary Fund.
  6. Ila Patnaik & Ajay Shah, 2005. "Interest-rate risk in the Indian banking system," Risk and Insurance, EconWPA 0501003, EconWPA.
  7. Liviatan, Nissan, 1984. "Tight money and inflation," Journal of Monetary Economics, Elsevier, Elsevier, vol. 13(1), pages 5-15, January.
  8. Renu Kohli & Kenneth Kletzer, 2001. "Financial Repression and Exchange Rate Management in Developing Countries," IMF Working Papers, International Monetary Fund 01/103, International Monetary Fund.
  9. Clive Bell & Peter L. Rousseau, 2000. "Post-Independence India: A Case of Finance-Led Industrialization?," Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics 0019, Vanderbilt University Department of Economics.
  10. Willem H. Buiter, 1990. "Principles of Budgetary and Financial Policy," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262524139, December.
  11. Kiminiori Matsuyama, 1994. "Complementaries and Cumulative Processes In Models of Monopolistic Competition," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1106, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  12. V. Pandit, 2002. "Sustainable Economic Growth for India: An Exercise in Macroeconomic Scenario Building," Working papers, Centre for Development Economics, Delhi School of Economics 100, Centre for Development Economics, Delhi School of Economics.
  13. Valerie R. Bencivenga & Bruce D. Smith, 2003. "Monetary policy and financial market evolution," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Jul, pages 7-26.
  14. Giovannini, Alberto & de Melo, Martha, 1993. "Government Revenue from Financial Repression," American Economic Review, American Economic Association, American Economic Association, vol. 83(4), pages 953-63, September.
  15. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
  16. Alberto Alesina & Roberto Perotti, 1997. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 44(2), pages 210-248, June.
  17. Srinivasan, T. N., 1996. "Economic liberalization and economic development: India," Journal of Asian Economics, Elsevier, Elsevier, vol. 7(2), pages 203-216.
  18. Rodriguez, Carlos Alfredo, 1991. "The macroeconomics of the public sector deficit : the case of Argentina," Policy Research Working Paper Series, The World Bank 632, The World Bank.
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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, Department of Economics, UC Santa Cruz qt4c4363xp, Department of Economics, UC Santa Cruz.
  2. Nirvikar Singh & T.N. Srinivasan, 2004. "Foreign Capital, Inflation, Sterilization, Crowding-Out and," International Finance, EconWPA 0412001, EconWPA.
  3. Rajiv Kumar & Alamuru Soumya, 2010. "Fiscal Policy Issues for India after the Global Financial Crisis (2008–2010)," Working Papers, eSocialSciences id:2912, eSocialSciences.

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