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  • Catriona Purfield
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    Abstract

    This paper examines rising asset prices in India. For the most part, asset prices in India reflect structural factors but the risk of a correction cannot be ruled out. However, at this juncture monetary policy may not be the most effective tool to safeguard financial stability because (i) India''s economy is undergoing rapid structural change making it difficult to identify price misalignments; (ii) the macroeconomic impact of an asset price correction is likely to be small; and (iii) the relationship between monetary policy and asset prices is also weak. Targeted changes in financial regulations are better tools to address potential risks.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=21327
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/221.

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    Length: 21
    Date of creation: 01 Sep 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/221

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    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.:
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    1. Jiri Slacalek, 2006. "International Wealth Effects," Discussion Papers of DIW Berlin 596, DIW Berlin, German Institute for Economic Research.
    2. Charles Frederick Kramer & Catriona Purfield & Hiroko Oura & Andreas Jobst, 2006. "Asian Equity Markets," IMF Working Papers 06/266, International Monetary Fund.
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    Cited by:
    1. Petia Topalova, 2008. "India," IMF Working Papers 08/54, International Monetary Fund.

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