Fiscal and monetary interface in India

Y. V. Reddy ()
Additional contact information
Y. V. Reddy: Reserve Bank of India

DECISION: Official Journal of the Indian Institute of Management Calcutta, 2018, vol. 45, issue 2, No 2, 105-112

Abstract: Abstract Fiscal and monetary policies are two pillars of macroeconomic policy, for both accelerating growth and ensuring stability. Their relative roles and the nature of interface have been of great interest to both academics and policy makers. This paper presents a practitioner’s perspective of how the interface evolved in India. The pre-reform status of the interface, from 1950 to 1991, is briefly recalled. This is followed by a detailed account of the manner in which the interface was transformed during 1991–2003. The transformation was through mutual consultations between Government and RBI. This framework of interface was supplemented by unconventional measures between 2003 and 2008. It was put to test after the Global Financial Crisis—something that was experienced in other economies as well. This stressful interface between 2008 and 2015 has been replaced by an entirely new framework in 2016.

Keywords: Fiscal policy; Monetary policy; RBI; Interface (search for similar items in EconPapers)
Date: 2018
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://link.springer.com/10.1007/s40622-018-0175-y Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:decisn:v:45:y:2018:i:2:d:10.1007_s40622-018-0175-y

Ordering information: This journal article can be ordered from
http://www.springer.com/journal/40622

DOI: 10.1007/s40622-018-0175-y

Access Statistics for this article

DECISION: Official Journal of the Indian Institute of Management Calcutta is currently edited by Rajesh Babu

More articles in DECISION: Official Journal of the Indian Institute of Management Calcutta from Springer, Indian Institute of Management Calcutta
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().