Title The challenge of fiscal adjustment in a democracy : the case of India / prepared by Ricardo Hausmann and Catriona Purfield

Published [Washington, D.C.] : International Monetary Fund, ©2004

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Description 1 online resource (29 pages) Series IMF working paper, 2227-8885 ; WP/04/168 IMF working paper ; WP/04/168. Contents ""Contents""; ""I. INTRODUCTION""; ""II. INDIA�S LACK OF SYMPTOMS""; ""III. ACHIEVING FISCAL DISCIPLINE: INSTITUTIONAL DETERMINANTS ""; ""IV. CHALLENGE OF ACHIEVING FISCAL SUSTAINABILITY WITHIN A DECENTRALIZED FEDERAL SYSTEM""; ""V. CONCLUSION AND POLICY IMPLICATIONS""; ""References"" Summary India's fiscal problem has deep roots in its federal fiscal system, where multiple players find it difficult to coordinate adjustment. The size and closed nature of the Indian economy, aided by its deep domestic capital market and large captive pool of domestic savings, has disguised the cost of fiscal laxity and complicated the building of a consensus on reform. The new fiscal responsibility act establishes a new rules-based system to overcome this coordination failure. To strengthen the framework, we recommend an autonomous scorekeeper and the extension of similar rules to the state governments as part of a comprehensive reform of the federal system Bibliography Includes bibliographical references Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Fiscal policy -- India Budget deficits -- India Structural adjustment (Economic policy) -- India Debts, Public -- India Finance, Public -- India Finance, Public Economic policy Economic history Budget deficits Debts, Public Fiscal policy Structural adjustment (Economic policy) SUBJECT India -- Economic policy. http://id.loc.gov/authorities/subjects/sh85064896 India -- Economic conditions. http://id.loc.gov/authorities/subjects/sh85064892 Subject India Form Electronic book Author Purfield, Catriona, author. International Monetary Fund. Asia and Pacific Department, issuing body. ISBN 1451903545 9781451903546 9781451858297 1451858299 ISSN 2227-8885

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