Advanced Search
MyIDEAS: Login to save this paper or follow this series

New issues in Indian macro policy

Contents:

Author Info

  • Shah, Ajay

    ()
    (National Institute of Public Finance and Policy)

Abstract

Macroeconomic policy thinking in India has been rooted in an environment with five key parameters: 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 shaped by deficit financing. This environment has been completely altered through India's integration into the world economy, the rise of one financial market (the equity market), the reduced importance of the monsoon, the rise of conventional business cycle dynamics, a partial abatement of the fiscal crisis and a monetary policy environment with loss of autonomy owing to exchange rate pegging. These changes call for a rethink of the macroeconomic policy framework. The agenda of assuring fiscal stability needs to be seen to its conclusion. Monetary policy and fiscal policy need to be converted into tools for macroeconomic stabilisation.

Download Info

If 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.
File URL: http://www.nipfp.org.in/working_paper/wp_2008_51.pdf
Download Restriction: no

Bibliographic Info

Paper provided by National Institute of Public Finance and Policy in its series Working Papers with number 08/51.

as in new window
Length: 28
Date of creation: May 2008
Date of revision:
Handle: RePEc:npf:wpaper:08/51

Note: Working Paper 51, 2008
Contact details of provider:
Web page: http://www.nipfp.org.in

Related research

Keywords: Macroeconomics;

Other versions of this item:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
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.:
as in new window
  1. 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.
  2. M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers 149, Bank for International Settlements.
  3. 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.
  4. Vijay Joshi, 2003. "India and the Impossible Trinity," The World Economy, Wiley Blackwell, vol. 26(4), pages 555-583, 04.
  5. Ajay Shah, 2005. "A sustainable and scalable approach in Indian pension reform," Working Papers id:237, eSocialSciences.
  6. Rajaraman, Indira, 2004. "Fiscal restructuring in the context of trade reform," Working Papers, National Institute of Public Finance and Policy 04/7, National Institute of Public Finance and Policy.
  7. A. Prasad & Adarsh Kishore, 2007. "Indian Subnational Finances," IMF Working Papers 07/205, International Monetary Fund.
  8. 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.
  9. Nicoletta Batini & Edward Nelson, 2005. "The U.K.'s rocky road to stability," Working Papers 2005-020, Federal Reserve Bank of St. Louis.
Full references (including those not matched with items on IDEAS)

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
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Shah, Ajay & Patnaik, Ila, 2008. "Managing capital flows: The case of India," Working Papers, National Institute of Public Finance and Policy 08/52, National Institute of Public Finance and Policy.
  2. Eswar S. Prasad, 2009. "India’s Approach to Capital Account Liberalization," Working Papers id:2043, eSocialSciences.
  3. Paunic, Alida, 2009. "I did it my way," MPRA Paper 17547, University Library of Munich, Germany.
  4. repec:pra:mprapa:39771 is not listed on IDEAS
  5. 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.
  6. 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.
  7. 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.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:npf:wpaper:08/51. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (S.Siva Chidambaram).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.