Public Debt Management: Separation of Debt from Monetary Management in India (India Studies in Business and Economics)

"This book examines the objectives of public debt management and the re-emerging issue of separating monetary policy formulation from fiscal and debt management. The recent Great Recession has resulted in a rethink of the objectives and working of macroeconomics, and in many countries, including India, has led to the scope of fiscal operations being expanded and debt-to-GDP ratios increasing significantly. Consequently, debt management has encountered considerable difficulties, and the need for coordination between monetary and debt management has assumed greater significance. The book discusses the important issue of the independence of central banks and the need for coordination between debt managers, monetary authorities and finance ministries if debt operations are separated from monetary management."--Publisher's description "This book examines the objectives of public debt management and the re-emerging issue of separating monetary policy formulation from fiscal and debt management. The recent Great Recession has resulted in a rethink of the objectives and working of macroeconomics, and in many countries, including India, has led to the scope of fiscal operations being expanded and debt-to-GDP ratios increasing significantly. Consequently, debt management has encountered considerable difficulties, and the need for coordination between monetary and debt management has assumed greater significance. The book discusses the important issue of the independence of central banks and the need for coordination between debt managers, monetary authorities and finance ministries if debt operations are separated from monetary management"--Page 4 of cover Front Matter....Pages i-xxi Introduction....Pages 1-7 Public Debt Management: Reflections on Strategy and Structure....Pages 9-22 Debt Management of the Government....Pages 23-39 Cash and Debt Management in States....Pages 41-55 India’s Experience with Cash Management....Pages 57-66 A Separate Debt Management Office....Pages 67-91 Financial Regulation and Independent Debt Management Office....Pages 93-104 Fiscal Responsibility and Budget Management Act: An Indian Perspective....Pages 105-130 Public Debt Sustainability Assessments for Developing Asia....Pages 131-192 Round Table....Pages 193-211