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India's Growth Story: A Model of `Riskless Capitalism'?

Author

Listed:
  • Rohit Azad

    () (Department of Economics, New School for Social Research)

  • Prasenjit Bose

Abstract

This paper seeks to theoretically analyse the change in growth patterns in post-reform India. While 1991 marks a break in the Indian economy in terms of its opening up, it was not the 1990s which saw spectacular rates of growth such as those seen in the 2000s. Our attempt here is to situate two signi cant booms that the post-reform period has witnessed so far, 2003-04 to 2007-08 and 2009-10 to 2010-11, in a macrotheoretic model.

Suggested Citation

  • Rohit Azad & Prasenjit Bose, 2017. "India's Growth Story: A Model of `Riskless Capitalism'?," Working Papers 1712, New School for Social Research, Department of Economics.
  • Handle: RePEc:new:wpaper:1712
    as

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    File URL: http://www.economicpolicyresearch.org/econ/2017/NSSR_WP_122017.pdf
    File Function: First version, 2017
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    References listed on IDEAS

    as
    1. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
    3. Azad, Rohit & Bose, Prasenjit & Dasgupta, Zico, 2016. "Financial Globalisation and India: Internal and External Dimensions," MPRA Paper 63874, University Library of Munich, Germany.
    4. Kaldor, Nicholas, 1986. "The Scourge of Monetarism: Radcliffe Lectures," OUP Catalogue, Oxford University Press, edition 2, number 9780198772484.
    5. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Indian Corporate Sector; Bad Loans; Public Sector Banks;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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