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Macroeconomic Policy in India Since the Global Financial Crisis

Author: Sebastian Morris

Publisher: Springer Nature

Published: 2022-05-25

Total Pages: 316

ISBN-13: 9811912769

This book discusses the Indian economic crisis and brings out what went wrong and the correction necessary for getting the economy back to high growth trajectory, leading to economic transformation. To do so, the book covers trends in performance of Indian economy since the Global Financial Crisis to the COVID-19 effect, bringing out factors that have determined the same. The book questions the approach to macroeconomic policy of both the RBI and the government and brings out what it takes for macroeconomic policy to be supportive of high growth. It contains revealing contrasts with East Asia and China, although India has the same potential to grow with an expansion of manufacturing. Overall, it argues that macroeconomic policies (as much as structural, industrial, and trade policies) have been deficient and even good initiatives on the industrial policy and trade flounder for the lack of a strategic approach to macroeconomics. The book highlights the special opportunities present in an emerging economy with vast under and utilised labour and the macroeconomic policy initiatives that can take advantage of this key feature. It covers the macroeconomic data on growth using multiple indicators, then the external shocks and the internal policy measures/responses; besides, GVA/GDP, credit, exports, external transactions, interest and policy rates, yields, exchange rates, money, capital flows, indices of industrial sector, price indices and inflation, government expenditures, tax rates, fiscal deficits, market uncertainty measures to present a holistic picture of the economy and the shocks and policy actions that have followed. The book uses an innovative method of presentation and the consistency of the trends/stances of both monetary and fiscal policy using these large number of variables. It discusses the debate on overestimation of GDP/GVA growth estimates over the years from 2011-12 to about 2016-17 comprehensively. There is special coverage of GST with a comparison with China. Coverage also includes performance since the COVID-19 crisis again using a large number of indicators and an explanation for the same in terms of the limitations of the government’s initiatives to counteract. The book is a quick and ready reference of what has happened in macroeconomic terms to those interested in the relevant facts. It is of interest to international economists, policy analysts, and investors whose need to understand that the Indian economy in macroeconomic terms and in terms of the stances and penchant of the government and the RBI is of value.

International Macroeconomics in the Wake of the Global Financial Crisis

Author: Laurent Ferrara

Publisher: Springer

Published: 2018-06-13

Total Pages: 298

ISBN-13: 3319790757

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This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Market, Regulations and Finance

Author: Ratan Khasnabis

Publisher: Springer Science & Business Media

Published: 2014-03-18

Total Pages: 260

ISBN-13: 8132217950

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This volume’s primary contribution to the field of Economics is that it addresses the issue of inter-linkages between money, finance and macroeconomics with a broad analytical perspective that has commonality with the Post-Keynesians. In an attempt to assess the consequences of economic reforms and the fallout of the global financial crisis on India and the world around, the book argues that with the onset of the crisis, as in most advanced economies, debates and discussions in India have been concerned with three main issues: monetary policy and asset prices, financial stability, and macro-prudential regulation. Three related issues which are also considered important in the Indian context are – rule vs. principle-based supervision, integrated financial supervision, and regulatory and supervisory independence. The book argues that the crisis highlighted the inadequacies of macro-prudential regulatory structure which mainly addresses idiosyncratic risks specific to individual financial institutions. The crisis precipitated an extensive debate on the role of national regulatory and supervisory authorities in crisis prevention and crisis management via macro-prudential regulations which involves a general equilibrium approach to regulation aiming at safeguarding the financial system as a whole. The book then argues that the crisis led to a paradigm shift in macroeconomic theory and policy. This shift has been categorized into four specific areas: monetary policy, financial regulation, corporate governance, and globalization. The book analyses how the characteristics of each of these four categories have changed from the pre-crisis to the post-crisis situation. The book also delves into the phenomenon of rising global commodity prices post-crisis. The book also deals with an analysis of the impact of this crisis on employment in the US economy, by simulating a macroeconomic model developed by the Cambridge Department of Applied Economics in the 1980s.

The Global Financial Crisis and the Indian Economy

Author: B. L. Pandit

Publisher: Springer

Published: 2015-05-18

Total Pages: 147

ISBN-13: 8132223950

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After tracing the causes of the global financial crisis, the book focuses on two fundamental systemic issues connected with its manifestation: financial-sector regulation and the problem of the dollar-centric international monetary system, both of which have been widely cited among the important factors leading to the 2008 financial crisis. The important analytical question of monetary policy transmission during the crisis is discussed in depth with the help of appropriate econometric models. The effectiveness of India’s monetary policy during the crisis is examined by specifying an econometric model, and the impact of the crisis on the Indian stock market is modelled on the basis of risk-enhancing and risk-mitigating features. In closing, the impact of the crisis on real sectors of the Indian economy is analysed in detail.

Critique of the New Consensus Macroeconomics and Implications for India

Author: Dilip M. Nachane

Publisher: Springer

Published: 2018-11-02

Total Pages: 407

ISBN-13: 8132239202

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The thought-provoking book presents alternative viewpoints to mainstream macroeconomic theory, questions conventional policy wisdom and suggests a systematic re-orientation of current macroeconomic and financial regulatory policies in India. The New Consensus Macroeconomics (NCM), which established itself in the 1980s as mainstream macroeconomics, essentially represents an “uneasy truce” between two dominant schools of economic thought viz. New Classical and Neo-Keynesian economics. The NCM sets the tone for much of the macroeconomic (especially monetary) policy followed by the advanced economies in the period of the Great Moderation (1990–2005). The recent global crisis has posed a major challenge to the NCM as empirical models based on the NCM failed to anticipate the occurrence of the crisis and later its extent and severity. The above considerations constitute the underpinnings of this book, which addresses the theoretical controversies within a general context and their policy implications for India. The authors’ analysis leads to a somewhat critical assessment of the financial sector policies followed in India since the initiation of reforms in 1991. This makes the book a valuable resource not only for researchers working in this area, but also for policy makers.

India’s Recent Macroeconomic Performance

Author: Muneesh Kapur

Publisher: International Monetary Fund

Published: 2014-04-29

Total Pages: 66

ISBN-13: 1475516835

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The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and growth slowdown, then exacerbated by domestic policy bottlenecks and volatility in international financial markets during mid-2013. Appropriate domestic oil prices and fiscal consolidation will contribute to the recovery of private sector investment. Fiscal consolidation would also facilitate a reduction in inflation, which would moderate gold imports and favorably impact real exchange rate and current account deficit.

India and the Global Financial Crisis

Author: Y. Venugopal Reddy

Publisher: Anthem Press

Published: 2010

Total Pages: 414

ISBN-13: 1843318016

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'India and the Global Financial Crisis' offers a collection of key speeches delivered by Reddy during his tenure as Governor of the Reserve Bank of India, and provides insights into the challenges facing the management of India's calibrated integration within the global economy.

Fiscal Adjustment in EU Countries

Author: Mr.Kenji Moriyama

Publisher: International Monetary Fund

Published: 2004-08-01

Total Pages: 27

ISBN-13: 1451856377

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Several European Union countries have recently implemented or are envisaging fiscal that operations improve budgetary figures but have no structural impact on government finances. This paper evaluates some of these measures using a balance sheet approach. In particular, it examines the degree to which reductions in government debt in EU countries has been accompanied by a decumulation of government assets. In the run-up to Maastricht (1997) it finds a strong correlation between changes in government liabilities and government assets, and larger declines in government assets in countries starting from higher public debt levels.

Essays on Macroeconomic Policy and Growth in India

Author: Shankar N. Acharya

Publisher: Oxford University Press, USA

Published: 2006

Total Pages: 264

ISBN-13:

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"This collection provides a rare 'insider' account by one of the key members of the top economic policy team that was instrumental in India's reform journey during the 1990s. The book brings a unique ringside perspective to the macroeconomic management and structural reforms of that crucial decade in India's economic development."--BOOK JACKET.

The G20 Macroeconomic Agenda

Author: Parthasarathi Shome

Publisher: Cambridge University Press

Published: 2014-07-14

Total Pages: 318

ISBN-13: 131609300X

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As the premier forum for global economic governance, G20 was successful in warding off the global economic crisis of 2008–09 and preventing it from becoming a full-blown depression. This book assesses the progress of the G20 with a focus on India. It discusses the role India has played in the success of the G20 process and, more importantly, delineates the possible barriers to India's enhanced involvement in the G20, and in global governance in general. As the global economy remains mired in uncertainties - stemming from the Euro crisis, lacklustre economic performance in the United States, and slowing of major emerging economies - this volume fills the need for a collection of analytical research papers from the perspective of emerging economies, and takes stock of the performance of the G20 thus far. It also points towards the unresolved issues and the future course of action in global financial and macroeconomic stance.