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New issues in Indian macro policy

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Author Info
Shah, Ajay () (National Institute of Public Finance and Policy)

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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.

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File URL: http://www.nipfp.org.in/working_paper/wp_2008_51.pdf
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Paper provided by National Institute of Public Finance and Policy in its series Working Papers with number 51.

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Length: 28
Date of creation: May 2008
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Handle: RePEc:npf:wpaper:51

Note: Working Paper 51, 2008
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Web page: http://www.nipfp.org.in/working_paper/

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Keywords: Macroeconomics

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This paper has been announced in the following NEP Reports: 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.:
  1. Glinskaya, Elena & Lokshin, Michael, 2005. "Wage differentials between the public and private sector in India," Policy Research Working Paper Series 3574, The World Bank. [Downloadable!]
  2. A. Prasad & Adarsh Kishore, 2007. "Indian Subnational Finances: Recent Performance," IMF Working Papers 07/205, International Monetary Fund. [Downloadable!]
  3. Rajaraman, Indira, 2004. "Fiscal restructuring in the context of trade reform," Working Papers 7, National Institute of Public Finance and Policy. [Downloadable!]
  4. Petia Topalova & Prachi Mishra & Arvind Subramanian, 2007. "Policies, Enforcement, and Customs Evasion: Evidence from India," IMF Working Papers 07/60, International Monetary Fund. [Downloadable!]
  5. 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. [Downloadable!] (restricted)
  6. Vijay Joshi, 2003. "India and the Impossible Trinity," The World Economy, Blackwell Publishing, vol. 26(4), pages 555-583, 04. [Downloadable!] (restricted)
  7. Ila Patnaik, 2003. "The Consequences of currency intervention in India," Indian Council for Research on International Economic Relations, New Delhi Working Papers 114, Indian Council for Research on International Economic Relations, New Delhi, India. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Shah, Ajay & Patnaik, Ila, 2008. "Managing capital flows: The case of India," Working Papers 52, National Institute of Public Finance and Policy. [Downloadable!]
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This page was last updated on 2008-11-15.

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