The paper highlights the role of the financial sector in achieving sustained economic growth. It argues that an efficient financial system is very much essential for improving the saving and investment activity and for promoting the overall productivity in the economy. In this context. the paper...

The paper presents the policymakers’ perspective on the reforms undertaken to manage states’ debt and ensure solvency. While the sustained high growth rates of the Indian economy played a part in alleviating the interest burden on debt and ensuring that the debt does not grow in an explosive...

Capital inflows have brought substantial macro and financial benefits; at the same time, the size and nature of capital inflows have complicated macroeconomic management in recipient countries. Multiple concerns have produced multiple responses by countries to capital inflows. Countries have...

Two central problems in a fiscal transfer systemrelate to resolving vertical and horizontal imbalances. In the context of the setting of the 13th Finance Commission, this paper looks at the methodological background of fiscal transfers followed by recent Finance Commissions in India,...

Two central problems in a fiscal transfer system relate to resolving vertical and horizontal imbalances. In the context of the setting of the 13th Finance Commission, this paper looks at the methodological background of fiscal transfers followed by recent Finance Commissions in India,...

The Canadian system of fiscal transfers, which has been developed over a long period of time, has two central features: equalisation grants, which are constitutionally guaranteed, and the Canadian Health and Social Service Transfers (CHST). This paper examines the relevance and applicability of...

This paper examines the working of Australia' s fiscal transfer system in the context of its long term evolution, paying particular attention to salient changes that have occurred since the introduction of a comprehensive Goods and Services Tax (GST). The GST has served to increase the vertical...