The past two decades have witnessed a worldwide move by emerging markets to adopt explicit or implicit inflation targeting regimes. A notable and often discussed exception to this trend, of course, is China which follows a pegged exchange rate regime supported by capital controls. Another major...

In India, municipal development projects benefiting the public often get impeded by the political and institutional framework of the Central Government. In many cases in India, a major constraint is financing these projects. According to the 12th Finance Commission report most of the...