New issues in Indian macro policy
AbstractFor 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]
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by eSocialSciences in its series Working Papers with number id:1478.
Date of creation: May 2008
Date of revision:
Note: Institutional Papers
Contact details of provider:
Web page: http://www.esocialsciences.org
macroeconomics; business cycle; agricultural shocks; tax policy; macroeconomics; public finance; Indian Economy;
Other versions of this item:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Vijay Joshi, 2003. "India and the Impossible Trinity," The World Economy, Wiley Blackwell, vol. 26(4), pages 555-583, 04.
- Glinskaya, Elena & Lokshin, Michael, 2005.
"Wage differentials between the public and private sector in India,"
Policy Research Working Paper Series
3574, The World Bank.
- Elena Glinskaya & Michael Lokshin, 2007. "Wage differentials between the public and private sectors in India," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(3), pages 333-355.
- A. Prasad & Adarsh Kishore, 2007. "Indian Subnational Finances," IMF Working Papers 07/205, International Monetary Fund.
- Edward Nelson, 2004.
"The U.K.’s rocky road to stability,"
Federal Reserve Bank of St. Louis, issue Oct.
- M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers 149, Bank for International Settlements.
- Rajaraman, Indira, 2004. "Fiscal restructuring in the context of trade reform," Working Papers 04/7, National Institute of Public Finance and Policy.
- 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.
- Ajay Shah, 2005. "A sustainable and scalable approach in Indian pension reform," Working Papers id:237, eSocialSciences.
- 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.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Structural transformation and stylised business cycle facts
by Ajay Shah in Ajay Shah's blog on 2013-05-18 06:13:00
- Aizenman, Joshua & Sengupta, Rajeswari, 2011.
"The financial trilemma in China and a comparative analysis with India,"
34485, University Library of Munich, Germany.
- Aizenman, Joshua & Sengupta, Rajeswari, 2011. "The financial trilemma in China and a comparative analysis with India," MPRA Paper 39798, University Library of Munich, Germany, revised 03 Jul 2012.
- Aizenman, Joshua & Sengupta, Rajeswari, 2012. "The Financial Trilemma in China and a Comparative Analysis with India," Santa Cruz Department of Economics, Working Paper Series qt2xn3238g, Department of Economics, UC Santa Cruz.
- 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.
- Shah, Ajay & Patnaik, Ila, 2008.
"Managing capital flows: The case of India,"
08/52, National Institute of Public Finance and Policy.
- 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.
- Eswar S. Prasad, 2009. "Some New Perspectives on India's Approach to Capital Account Liberalization," NBER Working Papers 14658, National Bureau of Economic Research, Inc.
- Paunic, Alida, 2009. "I did it my way," MPRA Paper 17547, University Library of Munich, Germany.
- Eswar S. Prasad, 2009. "Indiaâ€™s Approach to Capital Account Liberalization," Working Papers id:2043, eSocialSciences.
- repec:pra:mprapa:39771 is not listed on IDEAS
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Padma Prakash).
If references are entirely missing, you can add them using this form.