000 04361nam a22005055i 4500
001 978-81-322-1961-3
003 DE-He213
005 20200420211748.0
007 cr nn 008mamaa
008 140716s2014 ii | s |||| 0|eng d
020 _a9788132219613
_9978-81-322-1961-3
024 7 _a10.1007/978-81-322-1961-3
_2doi
050 4 _aHB172.5
072 7 _aKCB
_2bicssc
072 7 _aKCBM
_2bicssc
072 7 _aBUS039000
_2bisacsh
072 7 _aBUS045000
_2bisacsh
082 0 4 _a339
_223
100 1 _aGoyal, Ashima.
_eauthor.
245 1 0 _aHistory of Monetary Policy in India Since Independence
_h[electronic resource] /
_cby Ashima Goyal.
264 1 _aNew Delhi :
_bSpringer India :
_bImprint: Springer,
_c2014.
300 _aXIV, 78 p. 16 illus.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 1 _aSpringerBriefs in Economics,
_x2191-5504
505 0 _aChapter 1: Structure, ideas and institutions -- Structure: Sectors, Growth and inflation, Politics, Government finances -- Ideas: Keynes modified, Monetarism in the aggregate, Globalization - ideas and domestic impact, New Keynesian theories in emerging markets -- Institutions: Precedents and path dependence, Strengthening institutions, Openness, markets and CB autonomy, Bank Governors and Delegation in India -- Chapter 2: Policy Actions and Outcomes -- The historical trajectory -- Excess demand or cost shocks? -- Openness, inflows and policy -- Money markets and interest rates -- The global crisis, response and revelation of structure -- Trends in money and credit -- Conclusion.
520 _aThe book discusses Indian post-independence monetary history in the context of the country's development and the global changes of the period. The conceptual framework used is the SIIO (Structure, Ideas, Institutions and Outcomes) paradigm. That is, structure and ideas become embedded in institutions and affect outcomes. Narrative history, data analysis and research reports demonstrate the dialectic between ideas and structure with respect to monetary history, aspects of India's development, and the global institutions and events that impacted monetary choices. The history of the economy and of the global changes that affected it covers a time when major changes took place both in India and internationally. India's greater openness is important both for it and for the world, but it occurred at a time of major global crises. How did these impact monetary choices and how did the latter help India navigate the crises while maintaining its trajectory towards greater liberalization? The book explores these and other relevant but under-analyzed questions. The initial combination of ideas and structure created fiscal dominance and made monetary policy procyclical. An aggregate supply-and-demand framework derived from forward-looking optimization subject to Indian structural constraints is able to explain growth and inflation outcomes in the light of policy actions. Using exogenous supply shocks to identify policy shocks and to isolate their effects, demonstrate that policy was sometimes exceedingly strict despite the common perception of a large monetary overhang. Surges and sudden stops in capital flow also constrained policy. But the three factors that cause a loss of monetary autonomy-governments, markets and openness-moderate each other. Markets moderate fiscal profligacy and global crises moderate market freedoms and ensure openness remains a sequenced and gradual process. The book argues greater current congruence between ideas and structure is improving institutions and contributing to India's potential.
650 0 _aFinance.
650 0 _aMacroeconomics.
650 0 _aInternational economics.
650 1 4 _aEconomics.
650 2 4 _aMacroeconomics/Monetary Economics//Financial Economics.
650 2 4 _aFinance, general.
650 2 4 _aInternational Economics.
710 2 _aSpringerLink (Online service)
773 0 _tSpringer eBooks
776 0 8 _iPrinted edition:
_z9788132219606
830 0 _aSpringerBriefs in Economics,
_x2191-5504
856 4 0 _uhttp://dx.doi.org/10.1007/978-81-322-1961-3
912 _aZDB-2-SBE
942 _cEBK
999 _c51084
_d51084