Thursday, December 06, 2007

A paper: `New issues in Indian macro policy'

I have a working paper version up on the web, of an article titled New issues in Indian macro policy. This is forthcoming in a book edited by T. N. Ninan that will be published by Business Standard Books in 2008. In this paper, I first highlight the aspects where the Indian economy has changed substantially when compared with a decade ago. I then try to think about what fiscal policy and monetary policy in today's India should be doing, and propose directions for institutional reform. I hope this paper should be interesting to anyone thinking about Indian macroeconomics.

3 comments:

  1. Probably a more interesting read would be a paper looking at the issues in 1999 vis-a-vis the issues faced in 2008 - a comparison of the state of the macro policy instrument after the first 8 years of liberalization compared to the state after the next 8 years.
    Anyway, macro policy only got interesting post 91.

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  2. SIR,
    THE ARTICLE IS VERY GOOD.
    HOWEVER, I HAVE BEEN THINKING AMORE ABOUT THE SUPERVISION AND CONTROL BY RBI IN RESPECT OF CONTROL OF THE BANKS.
    THE FAILURES OF MANY BANKS IN THE COUNTRY -ESPECIALLY THE URBAN CO-OPERATIVE BANKS SPEAK VOLUMES ABOUT THE LOOSE CONTROL OF RBI.
    WHEN THE BANK FAILS, POOR DEPOSITOR SUFFERS. IS IT FOR FAILING THE BANK THAT THE POOR DEPOSITOR SAVES THE MONEY IN THE BANKS. IS IT THE PURPOSE OF BANKIG? DOES OUR COUNTRY NEED SAVINGS? DOES OUR COUNTRY NEED SAVINGS? THESE ARE SOME OF THE ISSUES WHICH NEED TO BE ADDRESS3ED.
    tHERE IS A NEED TO FORMULATE STRINGENT RULES IN RESPECT OF SUPERVISION AND CONTROL OF THE BANKS.
    I AM AFRAID, ECONOMISTS HAVE NOT ADDRESSED THEMSELVES TO THE ISSUES.

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  3. The paper looks very nice. it sounds different from most things written on Indian macroeconomic policy. Why is that?

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