The Financial Crisis of 2007-2008 and the Great Recession of 2007-2009 are now in the past. Again there was the debt crisis of 2010-11. During the worst of the recent financial crisis/Great Recession many observers made comparisons between that event and the Great Depression. The lecture...

This paper documents the convergence of incomes across Indian states over the period 1965 to 1998. It departs from traditional analyses of convergence by tracking the evolution of the entire income distribution, instead of standard regression and time series analyses. The findings reveal...

Economic stability can be seen as an essential component of any strategy for inclusive development. To the extent that central banks play a role in providing that stability, the experience of the crisis has led to considerable thinking and debate on its implications for central bank mandates,...

An attempt is made to identify the determinants of yield spreads between the State and Central government securities in a panel data framework as has been used in several cross-country studies. This study examines the potential impact of fiscal as well as market related factors on the yield...

Establishing a debt management office would consolidate all debt management functions in a single agency, and be the catalyst for wider institutional reform and transparency about public debt. It is internationally accepted best practice that debt management should be disaggregated from monetary...

The Reserve Bank of India, in its Annual Policy Statement on April 28, 2005, for the year 2005-06, announced its intention to reorient government debt management operations entailing functional separation between debt management and monetary operations within RBI. This first step initiating the...

Budget Speech by Shri Prafulla Chandra Ghadai. [Government of Odisha]. URL:[http://www.orissa.gov.in/finance/Budgets/2012-13/BUDGET%20SPEECH%20ENGLISH.pdf].

There have been significant developments in the global economy since we met in the fall of 2010. The IMF too has moved on several fronts under its mandate which has strengthened its position in a changing world. There are several key questions confronting us today: Is the recovery assured in the...

The paper reviews the calculation of Indian wholesale and consumer price indices and suggests improvements in the light of past experience and international best practices. It confirms that food inflation has been the driver of domestic inflation.

The financial sector has built capabilities such that, with appropriate policy changes, it can grow tremendously, both domestically and internationally. the report touches upon two reasons for financial sector reform—to include more Indians in the growth process, and to foster growth...