Monetary Policy in India since Liberalization: The Constraints posed by Fiscal Policy and Capital Flows |

Monetary Policy in India since Liberalization: The Constraints posed by Fiscal Policy and Capital Flows

Synopsis:

In the last year or so, since the effects of the meltdown began to hit the Indian economy, it has been asked: “What should be the macroeconomic response of the authorities”? I will argue that monetary loosening was not a possible candidate. Monetary policy is hamstrung by profligate fiscal policy and large capital flows since the nineties (fiscal policy even earlier). The capital flows have created a Dutch Disease-type situation in India. In contrast to the East Asian economies, India is not using exports as a development strategy.

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Speaker(s):

Partha Sen, Professor of Economics & the Director of Delhi School of Economics

Date:
Thursday, 17 September 2009
Time:
1.00 p.m. - 2.30 p.m.
Venue:

Seminar Room 3-5
Level 3, Manasseh Meyer
Lee Kuan Yew School of Public Policy
469C Bukit Timah Road
Singapore 259772

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