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The downward rigidity of Indian interest rates

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Author Info
Raghbendra Jha ()

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Abstract

This paper tries to assess why lowering interest rates is proving to be hard in India. It singles out the role of three factors: (i) high public debt and the structure of this debt, (ii) the overhang of non-performing assets; and (iii) the policy being pursued with respect to accumulation of foreign exchange reserves. These three factors are causally linked to each other and should not be looked upon as mutually exclusive contributors.

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Publisher Info
Paper provided by Australian National University, Australia South Asia Research Centre in its series ASARC Working Papers with number 2002-01.

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Length: 21
Date of creation: 2002
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Handle: RePEc:pas:asarcc:2002-01

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  1. Jha, Raghbendra, 2001. "Macroeconomics of Fiscal Policy in Developing Countries," Departmental Working Papers 2001-05, Australian National University, Economics RSPAS. [Downloadable!]
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  1. Jha, Raghbendra, 2002. "Innovative Sources of Development Finance - Global Cooperation in the 21st Century," Departmental Working Papers 2002-09, Australian National University, Economics RSPAS. [Downloadable!]
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This page was last updated on 2008-10-29.

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