Examines the need for change in the Indian monetary policy.
Written in 2007; 5,527 words; 5 sources; APA; $ 134.95
Paper Summary:
Monetary policy in India has undergone significant changes since the time that economic reforms were undertaken in the 1990s. With the increase in the openness of trade capital, inflows have increased sharply., Forex Reserves of RBI have increased from $15.1 million to
$168 million in November, 2006. These changes have affected liquidity and monetary management. The paper examines the need for a change in the fiscal policy and examines whether the present level of public debt is sustainable without any major fiscal correction. The paper examines whether the more productive private investment was crowded out by fiscal deficits.
Paper Outline:
The Debt Stability Condition
Crowding out, Fiscal Deficit, Absorption and Sterilization
Efficacy of Sterilization Operations
Complexity of Operations
Policy Implications
Challenges to Financial Stability - Concluding Remarks
Bibliography
From the Paper:
"Crude prices had already slumped this year, partly on lower demand for heating oil, fuelled by a mild winter across Europe and America. But they dropped further after the announcement of Saudi Authorities not to participate in the OPEC Cartel for price hike by output cut. Thus the situation in the international market is healthy and in Asia the crude is being traded around $51/Barrel. In this situation, it is urgent to immediately effect a cut in domestic oil prices to curb inflation in other commodities specially food articles and food products."
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