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New issues in Indian macro policy

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  • Ajay Shah

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Abstract

For many decades, macro-policy in India was conducted in an environment with five key elements: � Agricultural shocks rather than a conventional business cycle; A closed economy; deeply distortionary tax policy coupled with a fiscal crisis; financial markets that lacked speculative price discovery, and a monetary policy which was shaped by deficit financing. The paper argues that India has changed beyond recognition on all these five elements and that these changes have far-reaching consequences for the conduct of macroeconomic policy. India is now a more conventional market economy, and there is a much bigger role for the great themes of macroeconomics - as it is practised elsewhere in the world - in shaping Indian macro policy. [NIPFP-WP]

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:1478.

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Date of creation: May 2008
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Handle: RePEc:ess:wpaper:id:1478

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Related research

Keywords: macroeconomics; business cycle; agricultural shocks; tax policy; macroeconomics; public finance; Indian Economy;

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References

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  1. Vijay Joshi, 2003. "India and the Impossible Trinity," The World Economy, Wiley Blackwell, vol. 26(4), pages 555-583, 04.
  2. Glinskaya, Elena & Lokshin, Michael, 2005. "Wage differentials between the public and private sector in India," Policy Research Working Paper Series 3574, The World Bank.
  3. A. Prasad & Adarsh Kishore, 2007. "Indian Subnational Finances," IMF Working Papers 07/205, International Monetary Fund.
  4. Edward Nelson, 2004. "The U.K.’s rocky road to stability," Monetary Trends, Federal Reserve Bank of St. Louis, issue Oct.
  5. M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers 149, Bank for International Settlements.
  6. Rajaraman, Indira, 2004. "Fiscal restructuring in the context of trade reform," Working Papers 04/7, National Institute of Public Finance and Policy.
  7. Norbert Janssen & Charles Nolan & Ryland Thomas, 2004. "Money, Debt and Prices in the UK 1705-1996," CDMA Working Paper Series 200407, Centre for Dynamic Macroeconomic Analysis.
  8. Ajay Shah, 2005. "A sustainable and scalable approach in Indian pension reform," Working Papers id:237, eSocialSciences.
  9. Rao, M. Govinda, 2005. "Tax system reform in India: Achievements and challenges ahead," Journal of Asian Economics, Elsevier, vol. 16(6), pages 993-1011, December.
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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Structural transformation and stylised business cycle facts
    by Ajay Shah in Ajay Shah's blog on 2013-05-18 06:13:00
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Cited by:
  1. Aizenman, Joshua & Sengupta, Rajeswari, 2011. "The financial trilemma in China and a comparative analysis with India," MPRA Paper 34485, University Library of Munich, Germany.
  2. Hutchison, Michael M. & Sengupta, Rajeswari & Singh, Nirvikar, 2013. "Dove or Hawk? Characterizing monetary policy regime switches in India," Emerging Markets Review, Elsevier, vol. 16(C), pages 183-202.
  3. Shah, Ajay & Patnaik, Ila, 2008. "Managing capital flows: The case of India," Working Papers 08/52, National Institute of Public Finance and Policy.
  4. Eswar S. Prasad, 2008. "Some New Perspectives on India's Approach to Capital Account Liberalization," India Policy Forum, Global Economy and Development Program, The Brookings Institution, Global Economy and Development Program, The Brookings Institution, vol. 5(1), pages 125-178.
  5. Paunic, Alida, 2009. "I did it my way," MPRA Paper 17547, University Library of Munich, Germany.
  6. Eswar S. Prasad, 2009. "India’s Approach to Capital Account Liberalization," Working Papers id:2043, eSocialSciences.
  7. repec:pra:mprapa:39771 is not listed on IDEAS

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