The FRBM Act was reflective of the shared commitment across political parties towards fiscal conservatism. A decade later, the picture, as reflected in the Union Budget, is yet to change for the better. And given the interests that the current Government represents, a real departure from the...

This study analyses the behaviour of monetary and fiscal policies interaction in India using quarterly data for 2000Q2 to 2010Q1. It finds that, even after the elimination of automatic monetisation of fiscal deficit in 1997 and prohibiting RBI from buying government securities in the primary...

This paper investigates the relative importance of monetary and fiscal policies in altering real output of Bangladesh. An unrestricted vector auto regression (VAR) framework based on the St. Louis equations, is used to compute variance decompositions (VDCs)and impulse response function (IRF)...

This Tenth Nani A. Palkhivala Memorial lecture lecture centres around the role and responsibility of a central bank in a democratic structure. Central banks make macroeconomic policy that influences the everyday life of people; yet they are managed by unelected officials appointed by the...

The inaugural budget of the NDA led government has been a cause of some surprise and disappointment amongst those who were eagerly expecting a new radical dose of neo-liberal reforms. It appeared that the ‘policy paralysis’ of the past government had survive the change brought about...

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...

* Repo Rate increased to 7.25 per cent from 7.0 per cent. * The flexibility to conduct overnight repo or longer term repo including the right to accept or reject tender(s) under the LAF, wholly or partially is retained. * Reverse Repo Rate, Bank Rate and CRR kept unchanged. * GDP growth forecast...

The bulletin shows what are the process in presenting budget and the terms used in the budget.

Speech of Pranab Mukherjee Minister of Finance, India. [Budget Speech]. URL:[http://indiabudget.nic.in/ub2012-13/bs/bs.pdf].

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...